Russia's Magnitogorsk Iron & Steel Works (MMK) reduced its export sales in 2018, redirecting shipments to the home market instead, the company said on Friday January 25.
In 2018, the company cut exports by 15% year-on-year, to 2.38 million tonnes. Among this tonnage, around 1.95 million tonnes, or 82%, was related to shipments of hot-rolled coil (HRC), a source inside the company told Fastmarkets.Fastmarkets' weekly price assessment for CIS-origin exports of HRC was stable week on week at $445-465 per tonne fob Black Sea on January 28.In 2018, the average price assessment was $550.57 per tonne fob Black Sea, up from $505.29 per tonne in 2017.In 2018, MMK shipped 9.03 million tonnes of finished steel products to the home market. That was 5.9% more than in 2017, when local sales totaled 8.53 million tonnes.The...