The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap in Russia’s Baltic Sea region increased by $20/mt to $190/mt fob on Monday, while the index in the Black Sea region rose by $16/mt to $194/mt fob.
A supplier from Rostov-on-Don sold 3,000mt of HMS 1&2 (90:10) at $224/mt cfr to Turkey in early April, after negotiations, as market sentiment improved because of better demand in Turkey and decreased supply amid significantly slow collection in all exporting countries including Russia. Bids for this material didn’t exceed $205/mt cfr in late March.
Some Turkish mills are trying to find HMS 1&2 (80:20) from St Petersburg at $220/mt cfr or lower but offers are not available at those prices. Most exporters prefer to wait and resume negotiations later as they expect higher prices.
In the meantime, collection prices have dropped in Russia. The weekly Davis Index for HMS 1&2 (80:20) or A3 scrap decreased by Rub225/mt ($3/mt) in St Petersburg dock to Rub12,475/mt delivered on Monday, and by Rub1,750/mt ($23/mt) in Rostov-on-Don dock to Rub11,500/mt delivered.
($1 = RUB76.23)