The weekly Davis Indexes for HMS 1&2 (80:20) or A3 scrap in the Baltic Sea and the Black Sea regions of Russia were flat on Monday at $378/mt fob and $385/mt fob, respectively, due to a lack of trading.
No deals were reported though ferrous scrap demand improved in Turkey, with suppliers from St Petersburg offering HMS 1&2 (80:20) at $430-435/mt cfr not finding any takers as buyers preferred to pay around $420/mt cfr for the same grade from the EU.
Still, Russian exporters believe that their price targets are achievable this week, considering rebar prices in Turkey are at $620-630/mt ex-works and in the same price range for exports with active sales to Asia last week.
Most suppliers from Rostov-on-Don preferred to hold off negotiations with Turkish mills last week amid limited availability of the material and anticipation of higher prices this week.
The weekly Davis Index for A3 scrap declined by RUB325/mt ($4/mt) to RUB23,375/mt delivered St Petersburg dock on Monday and remained unchanged at RUB21,600/mt delivered Rostov-on-Don dock.
($1=RUB76.46)