Scrap suppliers in Black Sea region adopt cautious stance

According to market sources, most scrap suppliers in the Black Sea region have not given scrap offers to Turkey this week. Confusion and nervousness have been observed in the Turkish import scrap market, as prices have indicated a sharp fall in Turkish producers' latest concluded deals, decreasing by approximately $25/mt in the space of one week. As market players are curious about the next levels import scrap prices will indicate, they have also made inquiries for ex-Black Sea scrap offers. However, suppliers in the Black Sea region prefer to adopt a cautious approach following the significant declines already seen in prices. Prices from the Black Sea region to Turkey are expected to be clarified next week when Black Sea suppliers start to make offers to Turkish producers. Meanwhile, prices in the local Russian scrap market have increased by RUB 200-500/mt ($3-8/mt) and are now at RUB 13,900-14,200/mt ($208-213/mt) delivered.
 
$1= RUB 66.71