Buyers in the export market for flat steel products from the Commonwealth of Independent States (CIS) are waiting for lower prices in early 2019 due to oversupply, sources told Fastmarkets MB.
Fastmarkets MB's weekly price assessment for CIS-origin HRC exports was $440-460 per tonne fob Black Sea on Friday December 28, down $10 per tonne week on week.The CIS-origin HRC price fell by $117.50 per tonne on average from $567.50 per tonne fob in early March when the downtrend started, according to Fastmarkets' assessment. The price slumped due to the global trade war, which caused a redirection of trade flows and increased competition in unprotected markets. Although, the average annual price has increased by 7% or $36 per tonne, compared with 2017. In 2018, Fastmarkets' assessment of the CIS-origin HRC price was $555 per tonne fob Black Sea, while in 2017 it was $518.86 per tonne fob Black Sea. "NLMK [Novolipetsk Steel] said they...