According to market sources, Russian steel producer Novorosmetall Steel's A3 grade scrap purchase price in its domestic market has fallen by RUB 800/mt ($12/mt) compared to its previous price announced on June 17 to RUB 11,600/mt ($177/mt) delivered to customer. Meanwhile, another Russian mill REMZ Steel's domestic A3 grade scrap purchase price has declined by RUB 200/mt ($3/mt) compared to its previous price announced also on June 17 to RUB 11,800/mt ($180/mt), delivered to customer.
While demand in the local Russian scrap market is currently weak, with weather getting warmer scrap collection activities have accelerated and the volume of scrap supply is currently sufficient in the local Russian market. In the coming week, domestic scrap prices in the Russian market are expected to decline further due to the rising scrap supply in Russia.
$1 = RUB 65.51