The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap rose by $21/mt to $383/mt fob Baltic Sea and by $17/mt to $381/mt fob Black Sea on Monday as the export market regained strength.
Trading activity remained slow despite the improved demand for Russian ferrous scrap, as sellers resisted raised bids in anticipation of achieving higher prices. The only deal reported was for 18,000mt of HMS 1&2 (95:5) at $399.5/mt cfr from Murmansk to a Turkish mill. The cargo is due to be shipped this month, according to some market participants.
Most exporters from St Petersburg and Rostov-on-Don expect prices in Turkey to reach $420-430/mt cfr for HMS 1&2 (80:20) soon.
Collection prices for ferrous scrap decreased further at Russian docks. Thus, the weekly Davis Index for HMS 1&2 (80:20) or A3 scrap dropped by RUB325/mt ($4/mt) to RUB21,825/mt delivered St Petersburg dock and by RUB950/mt ($13/mt) to RUB20,100/mt delivered Rostov-on-Don dock.
($1 = RUB73.22)