Russia's HRC export market is on the decline

Russia's hot rolled coil export market fell during the week due to low demand in regular sales regions and strong competition with Asian suppliers.

Price assessment for steel hot-rolled coil, export, FOB Black Sea, CIS, was $570-620 per tonne on Tuesday, down by $35 per tonne from $605-655 per tonne a week before.

In contrast to earlier offers of $600-620 per tonne CFR, China offered HRC at $585-600 per tonne CFR to Turkey for shipping in late June. The latest offers of non-sanctioned material from Russia were heard at $655-660 per tonne CFR, close to $625-635 per tonne FOB. Meanwhile, the latest offers of material that was affected by sanctions were heard at $620-630 per tonne CFR, about $590-605 per tonne FOB.

Weekly price assessment for steel cold-rolled coil, export, FOB Black Sea, CIS, was $665-715 per tonne on Tuesday, down from $700-750 per tonne a week before, in line with the HRC assessment.