Interfax cited Mr Viktor Rashnikov Magnitogorsk Iron & Steel Works board chairman and chief beneficiary said demand for steel will begin to recover from the decline seen in recent months in September.
He said that "I believe it will recover beginning in September, noting that there had been some decline in steel exports in the last two months."
It was reported earlier that prices on steel slab and hot rolled coil fell 20% at the end of June compared with mid April and prices on cold rolled coil were down 10%. As of mid June export prices on square billets were also lower.
Brok-Invest-Servis said in a survey the price level was not satisfactory either for suppliers, since it was below cost, or for consumers, who found that prices for manufactures were also below cost. As a result, very few deals were transacted.