TAMPA, Fla. Minimum prices under the Russian hot-rolled steel suspension agreement will fall some 0.94 percent across the board in the second quarter.
Under the new reference prices, effective April 1 to June 30, the minimum prices for commercial- and structural-quality steel from Russia will fall to $578.33 per tonne from $583.80 per tonne in the Jan. 1 to March 31 period; high-strength low-alloy steel will fall to $636.16 per tonne from $642.17 per tonne; and high-grade coil and sheet for pipes and casings will fall to $740.26 per tonne from $747.26 per tonne, according to data released March 1 by the U.S. Commerce Department.
Only about 1,406 tonnes of Russian hot-rolled sheet and 1,407 tonnes of plate in coils were licensed to arrive at U.S. ports since the beginning of the year through Feb. 27, import license data from the Commerce Departments Import Administration show.
Steel traders have recently said that hot-rolled sales into the U.S. market, particularly from Russia, have been difficult due to a tight spread between domestic and imported material. Imported steel could begin to look more competitive, however, if recent hikes in domestic steel sheet and plate prices stick, buyers said.