The turmoil over the past 2 months has made dent in the confidence of Russian and Ukrainian mills. Producers in twin export power houses had maintained a defiant posture all through supported by an unusually active domestic market which had a dream run in summer with particularly construction segment sparkling .
The steel market at Black Sea last week was plunged with lot of uncertainties contradicting each other and no clarity, with certainty, on information about deals, bids and offers.
The steel price levels are heavily influenced by exchange rates. The Russian rubble devaluated by 5% to 10% in the last weeks and the Ukrainian hryvnia also under pressure. This gives to the regional exporters more flexibility in pricing.
As per market reports, most players are currently offer billet around USD 630 per tonne to 640 per tonne although information has started emanating of some deals lower by USD 20 per tonne to UD 30 per tonne. It seems that while October productions by some steel mills have not been fully booked, the November volumes are already starting to trade.
Finished longs have followed the trend in slide in billet prices.
Finished flats prices have also decreased by USD 30 per tonne to USD 40 per tonne last week.
Lastly, heavy plate prices are also under pressure although steel mills are trying to hold on.
(Source: www.steelguru.com )