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Minimum prices for Russian steel imports decline again

Keywords: Tags  steel imports, hot-rolled steel, Russian steel, suspension agreement, reference prices, Catherine Ngai

NEW YORK — Minimum prices for imported Russian hot-rolled steel will fall 1.9 percent across the board in the fourth quarter, the fourth consecutive quarterly decline under the amended suspension agreement.

Minimum prices for commercial- and structural-quality steel will drop to $538.94 per tonne effective Oct. 1 from $549.20 in the July 1 to Sept. 30 period, high-strength low-alloy steel will fall to $592.83 per tonne from $604.11 in the same comparison and high-grade coil and sheet for pipe and casing will fall to $689.84 per tonne from $702.97, according to the U.S. Commerce Department.

The lower minimum base prices come at a time when domestic sheet tags have hit a year-to-date high, which some traders said could provide an opportunity for hot bands to reenter the market due to a more viable spread.

Commerce will issue reference prices for the first quarter of 2014 no later than Dec. 1.

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