Prices for metal products in Russia to decline in six months, says Metalloinvest CEO

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ST. PETERSBURG, June 8. /TASS/. Prices for metal products in Russia may decline and stabilize within the next six months, Chief Executive Officer of Metalloinvest Nazim Efendiev told TASS at the St. Petersburg International Economic Forum.

“I think that we will see prices declining within half a year. Not dramatically. But prices will go down and stabilize at some level,” he said.

Meanwhile there has already been a partial adjustment of prices “amid the statements by the Chinese authorities about the close attention to the market and the upcoming administrative regulation in case of further speculative excesses,” though the gap between the demand and supply on the market persists, Efendiev noted.

Metal prices on the Russian market began rising sharply at the end of 2020. Starting February 1, 2021 defensive tariffs on waste and ferrous scrap were imposed, and it was suggested that developers buy metal products directly from producers, excluding the trader segment.

After stabilizing in early 2021 metal prices resumed growth.