MOSCOW, July 21 (RAPSI) – The Russian Federal Antimonopoly Service (FAS) has found violations of the antimonopoly law and launched a probe into EVRAZ, Severstal, Chelyabinsk Metallurgical Plant (ChMK), and a number of the companies’ trade agents, an agency’s press-release published on Thursday reads.

The antimonopoly watchdog has initiated an investigation into these entities charging them with abuse of their dominant position under the respective provisions of the competition law.

According to Dmitry Chuklinov, Deputy Head of the Department for Industry Control, an analysis of prices set by trade agents has shown a growth by 34% and 103% respectively in prices of reinforcement bars manufactured by EVRAZ and Severstal in January through April 2016; whereas prices of similar products manufactured by ChMK rose by 70% in the period from December 2015 to May 2016.

The press-release says that EVRAZ, Severstal, and ChMK are monopolists on the steel reinforcement bars market and sell these products mainly through their trade agents EVRAZHolding, Severstal Distribution, and Mechel Service.

The Agency’s representative has said that the price hike registered in April was above a growth in expenditures necessary for production and sales; therefore, FAS suspects the companies of setting monopolistically high prices of these products.

The probe into the companies has been launched basing on the results of regular monitoring carried out by the Agency and complaints from various customers with regard to a rise in prices of metal products registered by FAS in Q2 of 2016.