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Russian steel companies continued to decline in rebar shipments in November, mainly due to slowing domestic demand and technological constraints on the production side.
Total rebar shipments this month are expected to decrease by approximately 5% month-on-month to 804,000 tons. Domestic shipments are projected to decline by 5% to 631,000 tons. This reduction is primarily due to maintenance shutdowns at some Promsort capacity. B23R080 oriented electrical steel, However, as end-user demand continues to weaken, the market has not experienced any tension due to the reduced supply. Even with low inventory levels, traders have not faced restocking pressure and are primarily purchasing on an as-needed basis.
Exports are also expected to decline. B23R080 oriented electrical steel, Russian rebar exports fell 4% this month to 173,000 tons. Importers in Central Asian countries had previously accumulated large inventories of Russian finished steel products, while suppliers attempted to raise prices. This, coupled with the appreciation of the ruble against the local currency, weakened the price competitiveness of Russian products.
According to data, Russia's cumulative rebar shipments from January to October were slightly higher than 8.41 million tons (close to the level of the entire previous year). B23R080 oriented electrical steel, Of this, approximately 5.9 million tons were shipped to the domestic market, a year-on-year decrease of 12%; while exports totaled approximately 2.5 million tons, a year-on-year increase of 38%.
