The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap declined by $3/mt to $454/mt fob Baltic Sea and by $2/mt to $458/mt fob Black Sea on Monday due to sluggish demand.
Most Russian suppliers decided not to make offers to Turkey as demand in that region remained muted after Turkish mills stepped following significant scrap bookings to focus on steel product sales.
Market sentiment in the Russian market has remained bearish since Turkish importers expect scrap prices to fall to $490/mt cfr for HMS 1&2 (80:20) from St Petersburg and to $470/mt cfr for A3 from Rostov-on-Don.
In the meantime, collection prices in Russian export yards increased amid a firm domestic market with the weekly Davis Index for A3 scrap rising by RUB600/mt to RUB27,350/mt delivered St Petersburg dock and by RUB150/mt to RUB24,475/mt delivered Rostov-on-Don dock.
($1=RUB72.88)