The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap dropped by $18/mt to $457/mt fob Baltic Sea and by $13/mt to $460/mt fob Black Sea on Monday amid a bearish export market.
Turkish imported ferrous scrap demand declined at the end of May, with bids for HMS 1&2 (80:20) from St Petersburg falling to $495-500/mt cfr. Most Russian suppliers pulled back from negotiations, having sold just before the market turned. The highest deal price was fixed at $510/mt cfr for HMS 1&2 (80:20), almost two weeks ago.
One sale was heard from Rostov-on-Don to Turkey at $487/mt cfr for A3 material last week, down by $8/mt from the prior transaction, while most exporters from this part of Russia switched to domestic sales amid better prices.
Collection prices for ferrous scrap in Russia are yet to follow the export market downtrend. Thus, the weekly Davis Index for A3 scrap increased by RUB475/mt to RUB26,750/mt delivered St Petersburg dock and remained flat at RUB24,325/mt delivered Rostov-on-Don dock.
($1 = RUB73.33)