Suppliers of hot-rolled (HR) and cold-rolled (CR) steel sheet to Russia's Central Federal District around Moscow kept prices unchanged for early 2019, despite an increase in the domestic value-added tax (VAT) rate.
Effective 1 January 2019, VAT in Russia will increase to 20% from 18%.Fastmarkets' weekly price assessment for Russia-origin 4mm HR sheet remained at 39,200-40,000 roubles per tonne cpt Moscow on Monday December 28, including 18% VAT.The price has remained unchanged in roubles since early December, although in dollars the price fell on the week due to a weakening in the Russian currency. On December 28, the HR sheet price was $566-578 per tonne cpt Moscow, compared with $590-602 per tonne on December 10. The US dollar was trading at 69.22 roubles to $1 on December 28, while on December 10 it had been...