NEW YORK Minimum prices for imported Russian hot-rolled steel under the suspension agreement have fallen 5.04 percent, the third consecutive quarterly decline.
Under the new reference prices, effective from July 1 to Sept. 30, minimum prices for commercial- and structural-quality steel from Russia will drop to $549.20 per tonne from $578.33 in the April 1 to June 30 period. Minimum prices for high-strength low-alloy steel will fall to $604.11 per tonne from $636.16 in the same comparison, while high-grade coil and sheet for pipe and casing will fall to $702.97 per tonne from $740.26, according to data from the U.S. Commerce Department.
Some 1,022 tonnes of Russian hot-rolled sheet was approved to arrive in the United States in the second quarter through June 4, while about 2,664 tonnes of Russian plate in coil arrived in the same period.
The lower minimum base prices come at a time when traders say its challenging to import hot-rolled coil due to the tightened spread between domestic and foreign tags.
Commerce will issue reference prices for the Oct. 1 to Dec. 31 period no later than Sept. 1.