Tubes and pipes makers, key customers which buy large volumes of hot-rolled coil, were able to achieve further discounts from domestic mills. And the lower prices for tube and pipe makers were also applied to HR sheet cut from coil, mainly traded by stockists.
Prices for hot-rolled (HR) steel plate and cold-rolled (CR) sheet continued to move downward in line with HR sheet prices, according to the sources.
Market participants believed that the bearish market mood was likely to continue through to the end of the construction season in Russia in late October-early November.
They also expected that the country’s current export duties on steel products would not be extended into 2022. That may support local prices from late November onward, when Russian mills will start to sell...