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February 10, 2011

RUSSIA: Automakers close to steel price deal

AvtoVAZ and Kamaz are expected to agree on metal supply prices for 2011 with Russian steelmaker Severstal by 14 February 14, Alexei Rakhmanov, director of the Industry and Trade Ministry’s auto industry department, said.

AvtoVAZ and Kamaz are expected to agree on metal supply prices for 2011 with Russian steelmaker Severstal by 14 February 14, Alexei Rakhmanov, director of the Industry and Trade Ministry’s auto industry department, said.

Earlier this month, AvtoVAZ agreed to Severstal’s 30% price hike for 2011, after AvtoVAZ’ complaint to the Federal Antimonopoly Service about the hike had not been supported, Prime-Tass reported. Rakhmanov said, however, that he expected the two sides could work a formula under which the hike for 2011 could be lower.

Severstal accounts for 60% of all auto body sheet metal supplies to AvtoVAZ.

In 2010, steelmakers increased their prices for AvtoVAZ by 15% on average.

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