CIS LONG STEEL: Prices soften in pressurized market

Export prices for steel rebar and wire rod from the Commonwealth of Independent States softened in the week ended Tuesday June 29 with the market under pressure from the introduction of a duty on steel product exports from Russia, as well as the extension of safeguard duties in Europe.

"The introduction of an export duty in Russia is an unprecedented event, and it will now take time to understand where the market is moving," one trader said.
"In my opinion, the market is a bit like a yo-yo," he added, suggesting that it was going up and down too often, "but general sentiment is that it is weakening, especially in China."
Late on Friday last week, the European Commission officially confirmed its decision to extend the lifespan of trade safeguard measures on 26 steel products for another three years after their initial scheduled end on June 30.

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