The weekly Davis Indexes for HMS 1&2 (80:20) and A3 scrap in Russia’s Baltic Sea and Black Sea regions both declined by $2/mt on Friday to $245/mt fob and $252/mt fob, respectively.
Demand for Russian scrap from Turkey, its primary buyer, was restrained. Mills only asked for short-sea cargoes from Rostov-on-Don. Bids were reported at $265/mt cfr for A3 material earlier in the week, and for $268-270/mt cfr by Friday. Most exporters refused to sell to Turkey because they were targeting higher prices. One supplier traded a cargo of A3 scrap at $273/mt cfr to Greece.
There were no offers from St Petersburg during the first week of March because exporters are taking a wait-and-see approach and carefully evaluating market conditions. Their estimated price to Turkey for HMS 1&2 (80:20) is around $275/mt cfr for April shipment.
Collection prices in Russia increased on currency fluctuations. The weekly Davis Index for HMS 1&2 (80:20) rose by Rub250/mt ($4/mt) in St. Petersburg dock to Rub14,350/mt delivered on Friday, and increased for A3 scrap by Rub250/mt ($4/mt) in Rostov-on-Don dock to Rub13,850/mt delivered.
US$1 = RUB 68.37