The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap dropped by $16/mt to $376/mt fob Baltic Sea on Monday and by $17/mt to $381/mt fob Black Sea amid strong negative sentiment in the export market.
Subdued demand from foreign outlets and a wide gap between bids and offers, resulted in no sales in the Russian ferrous scrap export market. Turkish mills, the key importers, were inactive and reduced bids to $410/mt cfr for HMS 1&2 (80:20) from St Petersburg and Rostov-on-Don, while the lowest offers from Russian suppliers were heard at $435/mt cfr. Most exporters refused to decrease their offer prices further.
Collection prices fell in Russia in a bearish export market. The weekly Davis Index for A3 scrap dropped by RUB1,625/mt ($22/mt) to RUB23,825/mt delivered St Petersburg dock on Monday and by RUB850/mt ($11/mt) to RUB21,850/mt delivered Rostov-on-Don dock.
($1=RUB74.91)