Export prices for flat steel products from the Commonwealth of Independent States (CIS) moved lower in the week ended Monday November 19 because demand remained weak and the downtrend in China put pressure on the market.
"There was a possibility that the fall in prices would stop after the accident at Temirtau [ArcelorMittal's asset in Kazakhstan]," one trader from Russia told Fastmarkets. "But the demand is so weak everywhere - inside Russia, in Kazakhstan and all export markets - that the market remains oversupplied even when one player is out."Fastmarkets' weekly price assessment for CIS-origin exports of hot-rolled coil (HRC) decreased to $480-490 per tonne fob Black Sea on November 19, from $490-495 per tonne fob Black Sea a...