Trading activity in the HR sheet market was muted over the past week, with most buyers abstaining from making purchases on expectations that domestic prices will correct downwards towards August, when the new export duty comes into force
Buyers expect Russian mills to redirect some volumes from the export market to the domestic market, aggravating the existing supply-demand imbalance and pressuring flat steel prices in the region lower.
“There is already a problem; supply exceeds demand. In fact, our sales in June and July were lower year-on-year. Everyone has a significant amount of HR sheet in stock, because we restocked in expectation of seasonally good...