Russian steel prices may start to decline following a drop in export markets, Deutsche Bank AG said in a report.
Steel in Russia has stayed at about 28,000 rubles ($990.60) a metric ton for five weeks in a row, Deutsche Bank analyst Olga Okuneva wrote in the report today. Export prices declined by about $60, or 7 percent, to $730 a ton, according to the report.
“We estimate that Russian domestic prices are currently at a peak and will start softening already in April following the trends in the export markets,” Okuneva wrote.