Prices of hot and cold rolled coil from CIS steel producers have continued to slide during the last seven days. There was little trading activity in the region during the week due to lower market activity because of the Chinese National Day holiday period.
Demand is notably low, market sources tell Kallanish, and some importing markets appear oversaturated with offers. European demand remains low amid rising concerns over the region's domestic market strength, as most recent producers' attempts to increase prices have not succeeded.
Southeast Asia also appears to be quiet, with plenty of coils on offer in the $560-570/tonne cfr range, depending on the origin. North Africa and the Middle East meanwhile continue to adhere to a hand-to-mouth buying policy.
Russian mills were not actively seeking business this week, and their HRC offer indications at $530-540/t fob were met with bids at $520-525/t fob, traders say. Turkey was in the market for imports of HRC, and booked some tonnage at around $530/t cfr, market participants reveal.
Meanwhile, CRC is faring slightly better, although prices are also sliding. Offers to Turkey are currently at $600/t cfr for Ukrainian material, while Russian mills are rejecting $580/t fob bids from traders. There are some expectations of activity picking up next week from about Tuesday. It is not clear however whether real demand will pick up by as much as the mills' November order books have on offer, traders conclude.