export prices for Russian steel scrap are still rising in early December, with the increase mostly seen in nominal offers. Suppliers are not in a hurry to sell, awaiting further uptrend.
Turkish mills are accepting higher scrap prices, as they need the material to be delivered in January, when scrap collection is traditionally weak. Despite surging prices (+$10-12/t over the week), Russian exporters are in no rush to set the offers, expecting a further increase in a short term. “Prices will remain stable in the worst case scenario, but everybody is bullish,” a supplier told Metal expert.
Traders from Rostov-on-Don are quoting A3 scrap at $270/t CFR ($245/t FOB), with prompt sales possible at this level. Nominal A3 scrap prices from Rostov-on- Don were at $258-260/t CFR ($233-235/t FOB) last week.
No deals have been reported in the Baltic region. 17 t of HMS № 1&2 (95:5) was sold from Murmansk to Turkey at $290/t CFR, Metal expert learnt. Given this deal and the latest sales in the US and Europe, nominal A3 scrap prices from St. Petersburg are at $280/t CFR Turkey ($255/t FOB) versus $268-270/t CFR ($242-245/t FOB) a week earlier.
Nominal A3 scrap prices also went up in the Far east on stronger US scrap in deals with Taiwanese consumers. A3 scrap is available to South Korea at $265-270/t CFR versus $265/t CFR achieved in a deal last week.