Everything is Expensive, Only Prices are Low. The Russian Market for Sheet Metal and Welded Pipes: March 13–20

The problem of non-payments is escalating in the Russian market. Even large state-owned companies are failing to meet their obligations. This is increasingly reducing business activity and negatively affecting the level of demand for steel products. On the spot market for hot-rolled and cold-rolled steel, there are noticeable trends toward a slow decline. However, significant changes in monetary policy in the near future are unlikely, so the market situation is expected to remain unchanged.

Russian metallurgical companies are currently aiming to increase factory prices in April. They have reduced supply volumes, thereby eliminating excess inventory, although stockpiles of hot-rolled coils remain high both at pipe plants and in the metal trading network. The strengthening of the ruble has reduced the attractiveness of foreign trade contracts but has only intensified the desire to raise domestic prices. As a result, price gaps are emerging in the market.

The strengthening of the ruble has pushed the export parity for hot-rolled steel below 47,000 rubles per ton at its peak—the lowest level since 2022. Metallurgists can only hope that the exchange rate will soon decline, There are objective reasons for this, including relatively low oil prices, high levels of government spending, and the possible easing of sanctions in the payment sector at some uncertain point in the future. However, for now, political events keep pushing the ruble exchange rate up.