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HomeLatest NewsHow ferrous scrap export quotas will affect its price in Russia KXan...

How ferrous scrap export quotas will affect its price in Russia KXan 36 Daily News

Date: June 25, 2024 Time: 13:53:55

The director of the Ruslom.com association, Viktor Kovshevny, in a conversation with Rossiyskaya Gazeta, noted that this quota can hardly be called a profit, because until 2021 the export of black scrap was almost not limited in any way. The ban on exporting scrap from Russia came into force in June 2022 in order to reduce the cost of raw materials in the domestic market and leave the materials inside the country.

“Previously, the ferrous metals market exports ranged from 3.2 million to 4.5 million tons. And this is without taking into account the countries of the Eurasian Economic Union. Now we have a limit of 1.2 billion tons,” Kovshevny said.

According to the expert, now the introduction of cards will not affect prices in Russia in any way, because such exports account for a small part of the market.

The Rusmet Association also noted that in the United States in July, the third consecutive drop in steel scrap prices is expected by an average of 7.2%.

“Decreasing demand for scrap is the main reason for falling prices. Shredded scrap is becoming less attractive so offer prices are falling.

Basic scrap prices are expected to remain stable,” the association added.

Kovshevny also notes that, in principle, in the first half of the year there was a downward trend in prices.

“In the first half of the year, everyone noticed that the market would start to recover from the second half of the year. In principle,

in June, prices did not stop their fall. If we talk about the Russian market, the price for the last week of June increased by 100 rubles, which is very little, because the average price is now 21,600 rubles per ton, ”he added.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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