The export market for Commonwealth of Independent States (CIS)-origin hot-rolled coil and cold-rolled coil weakened during the week ended Monday August 27 amid anticipated further price declines and high trader stocks.
Fastmarkets’ price assessment for steel HRC, export, fob Black Sea, CIS was $450-460 per tonne on Monday, falling by $20 per tonne week-on-week.
“We see that mills are struggling for orders. That is why we are cautious to buy at current offers and insisting on lower prices because the market is weaker and weaker every day,” one trader said.
Sales of Ukraine-origin HRC were heard at $465 per tonne cfr in Turkey – the key outlet for CIS-origin flats – or close to $450 per tonne…