According to market sources, the A3 grade scrap purchase prices of Russian steel producers Tagmet and Novorosmetall Steel in their domestic market have remained unchanged week on week at RUB 11,700/mt ($185/mt) and RUB 11,600/mt ($183/mt), respectively, both delivered to customer.
Meanwhile, another Russian mill REMZ Steel's domestic A3 grade scrap purchase price is still at RUB 11,500/mt ($182/mt), delivered to customer. SteelOrbis has been informed that REMZ Steel has suspended its production for a short while (i.e., for two to three weeks) due to an accident which occurred in its facility on July 9, and accordingly it will reduce its scrap purchases.
In the coming period, domestic scrap prices in the Russian market are expected to come under pressure amid the ongoing weakness of demand.
$1 = RUB 63.24