RUSSIA FLAT STEEL: Prices rise again on active buying, imminent end of export duty

Active buying interest, limited offers from mills and export sales activity - because of the imminent expiry of a temporary export duty - pushed flat steel prices in the Russia’s Central Federal District around Moscow up again in the week to Monday October 25, sources have told Fastmarkets.

But the upward price trend may not be sustainable because of the usual low season during winter, some market participants said.
The buying boom started at the end of September, when traders realized that prices had reached a market bottom and decided to start restocking.
Trading activity was even better in the week to Monday because there were only limited offers of material from the Russian mills.
The shortage was caused by active export bookings for January production hot-rolled coil and maintenance work at Novolipetsk Steel (NLMK), one of the key suppliers to the region, according to market participants.

One of the key factors supporting the export sales was news that a temporary export duty would end after January 1, 2022, Fastmarkets understands. The duty was imposed from August 1 and was intended to cool down domestic prices, as...


Elina Virchenko

October 27, 2021

17:10 GMT