Russia: rouble depreciation drives mills' rebar prices up

摘要

The situation in the Russian rebar market changed dramatically at the end of Q1. Producers refused to revise January-February selling prices to traders retroactively. Moreover, they kept quotes untouched in March partially due to lower domestic supply. Suppliers' actions were supported by both expectations of a seasonal recovery in demand and the desire to bring domestic sales margins to a more acceptable level. In the circumstances, many trading companies suffered losses in February, so they had to raise their quotes.