Russia Launches Rebar Price Fixing Probe
The Russian Federal Antimonopoly Service has made a decision to check the key local rebar suppliers regarding possible unfair price agreements, taking into account the significant increase in domestic prices seen this year. FAS have decided to check the activities of NLMK, Novostal-M, Tulachermet and Industrial Metallurgical Holding in order to see if there is in fact an agreement between the suppliers which is against the local antimonopoly law. FAS will handle the checking of the pricing processes at the mentioned mills and will study the possible reasons for unjustified price increases.
According to the data collected by FAS, local rebar prices in Russia have increased by over 50% in 2021 as compared to last year's figures. The producers indicated the solid uptrend in the global market as the main reason for the situation. However, FAS stated that the local prices in Russia have been increasing even in periods when global prices were falling.