According to market sources, the A3 grade scrap purchase price of Russian steel producer Novorosmetall Steel in its domestic market has declined by RUB 150/mt ($2/mt) since August 5 to RUB 11,200-11,500/mt ($176-180/mt) delivered to customer.
Meanwhile, another Russian mill Tagmet's domestic A3 grade scrap purchase price has declined by RUB 100/mt ($1.5/mt) in the same period to RUB 10,900-11,100/mt ($171-174/mt) delivered to customer.
Additionally, after restarting its scrap purchases on August 2, REMZ Steel has reduced its A3 grade scrap purchase price by RUB 600/mt ($9/mt) over the past two weeks to RUB 11,200/mt ($176/mt) delivered to customer.
Meanwhile, demand in the Russian scrap market has been at low levels due to the traditional offseason for business in the summer holiday and it is expected to remain weak in the coming period.
$1 = RUB 63.74