RUSSIA REBAR: Low distributor stocks support prices

Domestic steel rebar prices in Russia's Central Federal District around Moscow were largely unchanged in the week ended Monday September 27, amid high purchasing interest from distributors with low inventories and an expectation that prices have reached a bottom, sources told Fastmarkets.

Fastmarkets' weekly price assessment for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia was 55,000-56,000 roubles ($757-771) per tonne on September 27, including 20% value-added tax, widening up by 1,000 roubles from a week earlier.
This week's price change was positive compared with recent weeks, during which a newly imposed export tax resulted in oversupply and sharp price decreases. Russian domestic rebar prices fell by 25% between July 19 and September 13 before stabilizing.

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