Russian hot-rolled steel prices fall by 17%

The genesis of Russia's steel price turbulence can be traced back to the first half of 2022, a period characterized by a remarkable surge in demand. As economies grappled with the aftermath of the COVID-19 pandemic, pent-up demand fueled a frenzy of activity, propelling steel prices to dizzying heights. However, this euphoria was short-lived, as the subsequent year witnessed a sharp correction, with prices plummeting in response to the exaggerated base set in 2022.

Further elucidating the intricacies of the steel market, let's examine the latest HRC offer prices for May shipment from prominent Russian steel producers:

Magnitogorsk Iron and Steel Works (MMK):

$570-575 FOB Black Sea

$600 CFR Türkiye

$610 CFR MENA

NLMK:

$580-585 FOB Black Sea

$610 CFR Türkiye

$620 CFR MENA

Severstal:

$570-575 FOB Black Sea

$600 CFR Türkiye

$610 CFR MENA