SteelOrbis has been informed that A3 grade scrap offers from Black Sea ports to Turkey have remained unchanged compared to last week at $245/mt CFR Marmara.
Over the past two weeks, no new ex-Black Sea deals have been heard in Turkey, while the quiet transaction activity for deep sea scrap is thought to be a contributing factor. Today, March 26, after the bombing by Saudi Arabia of Yemen, which has strategic importance for international oil transportation, oil prices have started to move upwards. As half of Russia's budget revenue comes from oil and natural gas exports, the country has been positively impacted by the upward trend of oil prices and the Russian ruble has gained strength against the US dollar. Accordingly, Russian scrap suppliers have started to focus on their local markets instead of the foreign markets, making it more difficult for Turkish producers to push for lower scrap prices.