Severstal sees Russian rolled steel prices rising in Feb–Mar

MOSCOW, Jan 26 (PRIME) -- Steel maker Severstal expects Russian prices for rolled steel to increase in February–March, a representative of the company told reporters on Tuesday.

Some revival on the global market and a ruble fall in recent weeks may push local prices for flat-rolled products higher.

“According to our estimates, prices for hot rolled steel, cold rolled steel and rolled section steel on the Russian market may rise by 3-6%, and prices for coated steel sheets may increase by 1-3% in February,” the person said, adding that the prices will likely rise further in March.

Severstal said that its prices for most steel products fell in dollar terms in October–December compared to July–September.

Prices for hot rolled steel fell 16% to U.S. $299 per tonne, cold rolled steel prices went down 9% to $412 per tonne and coated steel prices decreased 8% to $289 per tonne.

On January 19, traders, who work with Russia’s Magnitogorsk Iron and steel Works (MMK), said that the company plans to raise domestic prices for rolled metal products by 7-10% in March due to a continuous weakening of the national currency and higher costs of imports.

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