| Trade Issue | ||
| Mechel asked to cut coal prices 15% - 20 Aug, 2008 | ||
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It is reported that Mechel will enforce 15% reduction on coal prices for the steel sector from September 1st 2008. Interfax quoted Mr Igor Artemyev head of the Federal Anti Monopoly Service after meeting Mr Putin on Tuesday as saying that "We will recommend the company lower its prices by 15% to the end of the year from September 1st 2008.” Mr Maxim Semenovykh an analyst with Alfa Bank said that " The price decrease is serious, however, for the company and for the market in general. Mechel will just be the first: they will try to implement this price decrease for other coking coal producers and eventually for steel producers.” Russia's government, struggling to rein in inflation running at an annualized 15%, has expressed concern at the high price of raw materials used to make steel, which in turn is crucial to building the country's infrastructure and economy. Mechel's case has drawn special attention after Putin twice last month attacked the company's pricing policy, triggering a sell off that erased USD 8 billion or half the New York listed company's market value, in the space of three trading days. | ||
| Today's News | ||
| Clips | ||
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| Shanxi coke producers agree on coke reference price | |
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| Aluminum falls to 3 year low as weak demand bolsters stockpiles | |
| Export And Import Levels | ||
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| Iron ore price negotiations - JP Morgan reduce forecast | |
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| Chinese HDG export price likely to turn stable | |
| Trade Issues | ||
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| US steel industry urges government to stand up to China | |
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| Tax for imported cement returns in Russia | |
