The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap in Russia’s Baltic Sea region significantly decreased by $30/mt to $170/mt fob on Monday, while the index in the Black Sea region decreased by $15/mt to $178/mt fob.
Russia’s ferrous scrap export market remains bearish. There were no fresh sales reported to Turkey, its primary buyer, amid weak demand. Bids at $200-205/mt cfr for HMS 1&2 (80:20) or A3 scrap from St Petersburg and Rostov-on-Don have been scarce.
One supplier from Rostov-on-Don sold A3 scrap for $220/mt cfr to Greece on March 27, but market participants don’t believe this price can be achieved again.
There are currently four cargoes under loading in St Petersburg for Turkish buyers, but the prospect of further sales is unclear because COVID-19 has caused Russia to officially shut down for the week. Moreover, collection has been very slow.
The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by Rub1,200/mt ($15/mt) in St Petersburg dock to Rub12,700/mt delivered on Monday. One of the biggest exporters suspended collection because of Russia’s week-long shutdown. Another supplier is suspending collection beginning April 1. Some exporters are still trying to collect scrap because they require some tonnages to complete their cargoes.
The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by Rub500/mt ($6/mt) in Rostov-on-Don dock to Rub13,250/mt delivered on Monday.
($1 = RUB79.86)