RUSSIA FLAT STEEL: Prices fall further on export duty effect

Prices for hot- and cold-rolled steel sheet and heavy plate in Russia's Central Federal District around Moscow continued to fall in the week ended Monday August 23, sources have told Fastmarkets.

Hot-rolled sheet and heavy plate prices decreased by 3-5% week on week, while the drop for cold-rolled sheet prices was more pronounced at 10% week on week.
Opinions varied about why this happened. One trader said that there was uncertainty in the market and that all participants were on alert and nervous. Another trader said that the trend was in line with the expectations of market participants.
All parties were trying to estimate how far domestic prices were from export and international prices, and keeping en eye on export prices for flat products from the Commonwealth of Independent States, considering Russia's recently imposed export duties on steel products.
Hot-rolled sheet

Fastmarkets' weekly price assessment for steel hot-rolled sheet, domestic, cpt Moscow, Russia, was 85,000-88,000 roubles ($1,147-1,187) per tonne on August 23, including 20% value-added tax. This was down by 4,000 roubles per tonne from 89,000-92,000...

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