Frankly speaking there is not much happening. Steel mills in Russia have to follow the export markets. They have good collection levels for May. They collected more material than was planned. The payments for the last week of May were over budget and now it has already been settled. Mills are operating with good margins and scrap collection is very good now. We see very good prices for both domestic and export markets. Everything is going well.
The only problem with May was the withdrawal of the embargo with Spain, but I think we will handle it. Increases in freight rates are already occurring.
For the summer, we don’t foresee any problems. The Turkish market is very firm and they are setting new prices for products at high levels. In Russia there is also more demand for steel products. The general situation is not bad. We don’t expect any problems. We expect markets to be firm and stable.
Andrey Balashov of TYOR Commercial can be contacted at scrap@tyor.ru
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