Severstal reduced CRC prices

Severstal has lowered prices for CRC in storage contracts in line with competitors. Market players claim that the new levels for 1 mm sheet buyback are RUB 82,000/t ($752/t), which corresponds to NLMK's price and is close to MMK's offer. However, unlike NLMK, the mill adjusted prices only for rolled products purchased since November 18, while Lipetsk revised the entire month.

The demand for CRC on the secondary market remains reduced, and traders are forced to stimulate demand with discounts. In Moscow, the minimum prices for 1 mm CRC are RUB 82,500/t ($763/t). Most offers are in the range of RUB 83,000 - 83,500/t ($768-773/t). In addition to everything else, the stabilization of factory prices in December is also doubtful, given the competition with imports.