The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap jumped by $40/mt to $430/mt fob Baltic Sea and by $39/mt to $426/mt fob Black Sea on Monday as prices reached a new high in the global market.
Russian ferrous scrap exporters, like suppliers from other countries, remain bullish amid solid demand in Turkey and surging steel product prices. Recyclers from St Petersburg believe that $460/mt cfr for HMS 1&2 (80:20) is achievable in the Turkish market and expect an even higher level in the coming days. This grade was sold at $444/mt cfr in the middle of last week, and at $435/mt cfr a day earlier.
Suppliers from Rostov-on-Don are targeting $455-460/mt cfr for A3 scrap, while there were no deals reported from the south of Russia last week.
Collection prices in Russia have also gained momentum in line with the uptrend in the export market. The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap rose by RUB1,375/mt ($18/mt) to RUB24,200/mt delivered St Petersburg dock on Monday and by RUB1,100/mt ($15/mt) to RUB21,450/mt delivered Rostov-on-Don dock.
($1 = RUB75.13)