Russia’s scrap prices to rise further

The scrap prices have been soaring by more than 10% in Russia’s domestic market since last December.

At present, Russia’s A3 scrap prices have increased to RUB10, 500~RUB11, 700/ton in comparison of RUB9, 200~RUB10, 000/ton in last December.

Russian scrap export price is very likely to move upward in line with iron ore price. Also, tight scrap supply due to severe weather in Russia will support the price.

The price may increase further in March while Turkish buyers return to the market.

News Date 2/11/2011 9:16:09 AM reported by Nann Cheng