On April 2, Russian President Vladimir Putin extended a stay-at-home order to help to curb the spread of Covid-19 until April 30, well beyond the original end-date of April 5.
Steel producers and traders continued to work during an unexpected holiday which started on March 30, although trading activity was significantly reduced.
“Most buyers will just wait and see. Moreover, some buyers are trying to withdraw orders which haven’t been shipped yet,” a source told Fastmarkets.
“All this is due to a decrease in business activity caused by the coronavirus. And until this threat is gone, no trend for the better can be expected,” he added.