Recent offers from Russian producers were at $510/t FOB Black Sea, marking a slight dip from the $510-520/t FOB Black Sea range seen two weeks ago. Deals at these levels were concluded about a week ago, primarily involving November production volumes.
In the Turkish market, current workable levels are estimated between $530-540/t CFR, contingent on volume and grade. However, traders report that Chinese suppliers are persistently undercutting these prices, forcing Russian sellers to reassess their target levels to sustain market share.
Some Russian suppliers, operating under tighter constraints, have adjusted their pricing strategies. Some have offered at $495-500/t FOB Black Sea, a decrease from $505-510/t FOB observed earlier. Others have temporarily withdrawn from the market to deliberate on production allocations for export. These suppliers aim to reenter with offers for December production, slated for shipment in late January, with anticipated sales prices for larger orders around $510-515/t CFR Turkiye.
Chinese traders' aggressive pricing strategies have created a challenging environment for Russian HRC exporters. The continuous price reductions by Chinese competitors are exerting downward pressure on market benchmarks, compelling Russian sellers to navigate between preserving margins and maintaining competitiveness.
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