Interfax reported that steel prices could start to dip but not seriously in the middle of October.

Mr Leonid Komarovsky marketing director at metal trading firm Brok-Invest-Service said "I think the period to the middle of October will be stable, but that a correction could begin then. However I don't think this will run deep there are no conditions like last year, when they had soared 50% or more. I'd not like to give any figures. There'll be a correction, but a small one."

Mr Komarovsky said the first signal that prices have begun to fall in China and that China has started to export steel had already been received. He said that "This means our steel mills will probably get a strong competitor on the external market, one that is offering lower prices, and this will limit the scope for our plants to export. Prices could fall and our plants could redirect shipments to the domestic market where supply will again exceed demand."

(Sourced from Interfax)