According to market sources, Russian steel producer Novorosmetall Steel's A3 grade scrap purchase price in its domestic market has fallen by RUB 200/mt ($3/mt) compared to its previous prices announced on June 3 to RUB 12,900/mt ($199/mt) delivered to customer. Meanwhile, another Russian mill REMZ Steel's domestic A3 grade scrap purchase price has declined by RUB 300/mt ($5/mt) compared to its previous prices announced also on June 3 to RUB 12,000/mt ($185/mt), delivered to customer.
Demand in the local Russian scrap market is currently at low levels, while scrap collection activities have been easier due to the improvements seen in weather conditions. While the volume of scrap supply in the Russian market is expected to increase in the coming period, scrap prices in the country are expected to fall further.
$1 = RUB 64.82