Harsh winter conditions in southern Russia have hit the scrap market. Activity in the Russian domestic scrap market is far from being lively, while Russian mills' scrap purchase prices are standing at about RUB 9,800/mt ($324/mt) ex-yard. Market players state that only large suppliers of scrap are currently in the market and that others are waiting for spring to return to the market.
In the meantime, in the latest ex-Russia scrap bookings in Turkey prices were at $398-400/mt CIF and ex-Russia scrap prices for Turkey are not expected to move above $400/mt CFR. Market insiders have told SteelOrbis that the latest ex-Russia scrap offers to Turkey are at about $396/mt CFR Marmara Sea ports. However, finding this price level to be on the high side, Turkish mills are not showing interest in these offers.