The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap increased by $7/mt to $390/mt fob Baltic Sea and by $14/mt to $395/mt fob Black Sea on Monday as trading prospects improved.
Deals were missing despite the improvement in ferrous scrap prices in the Russian ferrous scrap export market because most suppliers held off on negotiations in anticipation of a further uptrend.
Sellers from St Petersburg and Rostov-on-Don are targeting $10-20/mt higher than the most recent sale from the USA, which was reported at an equivalent price of $435/mt cfr for HMS 1&2 (80:20). Russian exporters cite slow collection, high export duty and more expensive freight rates as reasons to increase their offers.
Ferrous scrap inflow was sluggish to Russian docks amid severe winter weather. The weekly Davis Index for HMS 1&2 (80:20) or A3 material rose by RUB1,700/mt ($23/mt) to RUB23,525/mt delivered St Petersburg dock on Monday, but held unchanged at RUB20,100/mt delivered Rostov-on-Don dock.
($1 = RUB74.44)