RUSSIA FLAT STEEL: Prices soften on weak trading

Flat steel prices in Russia's Central Federal District around Moscow weakened during the week to Monday July 19 amid slow trading activity, with most producers holding back August offers while assessing the market, sources told Fastmarkets.

Hot-rolled sheet
Trading activity in the HR sheet market was muted over the past week, with most buyers abstaining from making purchases on expectations that domestic prices will correct downwards towards August, when the new export duty comes into force.
Buyers expect Russian mills to redirect some volumes from the export market to the domestic market, aggravating the existing supply-demand imbalance and pressuring flat steel prices in the region lower.

"There is already a problem; supply exceeds demand. In fact, our sales in June and July were lower year-on-year. Everyone has a significant amount of HR sheet in stock, because we restocked in expectation of seasonally good...

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