RUSSIA FLAT STEEL: Slow demand, oversupply drag prices down

Flat steel prices in Russia's Central Federal District around Moscow declined in the week to Tuesday May 26 amid slow demand and an oversupplied market, sources told Fastmarkets.

Buying activity in the region remained limited over the past week and key suppliers to the region cut offers for June rolling and revised stockist prices down for May rolling, sources said.
"Mills have huge stocks they needed to get rid of, while buyers were insisting on lower prices, so [producers] did what they had to do" one stockist told Fastmarkets.
"Deal prices for May [hot-rolled] sheet was revised to 40,000 [roubles per tonne] from the 43,000 [roubles per tonne] mills were targeting in late April," the stockist added.

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