The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by $10/mt to $401/mt fob Baltic Sea and by $18/mt to $405/mt fob Black Sea on Monday as negative sentiment reigned in the export market.
Russian export trading was subdued following scarce inquiries for ferrous scrap from Turkey. Bids for HMS 1&2 (80:20) from St Petersburg didn’t exceed $460/mt cfr after Turkish mills purchased the same grade from the USA at $461-464/mt cfr in the past week.
Most sellers in Rostov-on-Don decided to withdraw offers after bids for A3 material in Turkey fell to $440/mt cfr and lower, considering a sale from Romania at $425/mt cfr for HMS 1&2 (80:20). This lead to slow negotiations during the week.
Scrap inflow to export yards is sluggish in Russia and the weekly Davis Index for A3 scrap remained unchanged at RUB23,225/mt delivered St Petersburg dock while declining by RUB200/mt to RUB22,700/mt delivered Rostov-on-Don dock.
($1=RUB73.64)