SteelOrbis has been informed that Russian producers'
scrap purchase prices have declined by RUB 700-1,000/mt ($11-16/mt) since last week to RUB 12,700-13,000/mt ($204-209/mt) delivered to customer.
Russia has recently banned grain exports from the country and now the Russian government is considering imposing a ban on
scrap exports. On February 18,
Russia's Ministry of Industry and Trade announced that a possible temporary ban was being discussed for
scrap exports. The final decision will be announced following a 15-day discussion period which is scheduled to end on March 5, while a ban, if decided upon, will come into effect in April. The content of the draft law is still unclear, while market sources state that an application to prohibit
scrap exports is made every year by market players. The tightness of
scrap in the Russian domestic market and the relatively high levels of
scrap prices are the factors which prompted the Russian government to consider imposing an export ban.
$1 = RUB 62.18