Russian domestic rebar prices slide on increased supply

Domestic steel reinforcing bar prices in Russia's Central Federal District around Moscow corrected downward by $14-27 per tonne on increased supply from mills in the region during the seven days to Monday November 15.

"Demand remains high. We don't exclude that the government will have to take some action again to cool down rebar prices, like they did in summer," one large trader source told Fastmarkets.
When prices reached 75,000 roubles ($1,029) per tonne cpt in June this year, the Russian government imposed a temporary export duty in effect from from August 1-December 31 to bring the overheated prices down.

The speculative demand that was due to limited supply from mills and...

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