The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap in Russia decreased by $12/mt to $249/mt fob Baltic Sea and by $17/mt to $241/mt fob Black Sea on Monday amid strong bearish sentiment on exports.
Most Russian exporters can’t accept lower prices, though the weekly Davis Index for HMS 1&2 (80:20) or A3 scrap in St Petersburg dock decreased by Rub1,075/mt to Rub13,850/mt delivered on Monday, from the previous week amid negative market conditions.
The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap in Rostov-on-Don dock was flat at Rub14,700/mt delivered on competition with local mills.
However, the demand for Russian ferrous scrap is low. Turkish buyers, who are the one of the biggest buyers for scrap from the country, are expecting lower prices and continue to refrain from purchasing at current prices.
Price indications from market participants moved down to $275-280/mt cfr Turkey for HMS 1&2 (80:20) from St Petersburg and to $260-275/mt cfr Turkey for A3 scrap from Rostov-on-Don.
US$1 = 62.69 RUB as on Jan 27, 2020