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Russian steel scrap exports in 2011 up by 5.2pct YoY

Monday, 20 February 2012 | 16:30
Bloomberg reported that Russian exports of ferrous scrap, which is used to make steel, rose by 5.2% YoY to 5.9 million tonnes in 2011 from a year earlier as average contract prices jumped and Turkey increased purchases.
The Economy Ministry said on its website that the average contract price climbed 22% to about USD 336.70 a tonne from USD 276.75 a year earlier.
Mr Dmitry Kolomytsyn, an analyst at Morgan Stanley in Moscow, said that "Exports rose also because Turkey, which traditionally bought ferrous scrap from the US, purchased more from Russia last year after US domestic use of scrap metals increased."
The ministry said that Turkey accounted for about 39% of Russian scrap exports in 2011, buying 2.28 million tonnes as compared with about 1.86 million tonnes a year earlier.
Mr Kolomytsyn said that Russia has about 5% to 6% of cross border ferrous scrap trading volumes, which are estimated at 100 million to 110 million tonnes. The country's sales abroad may have reached almost USD 2 billion in 2011 from about USD 1.6 billion a year earlier.
The ministry said that the biggest consumers following Turkey were Belarus with 1.5 million tonnes, South Korea with 884,800 tonnes and Spain with 411,500 tonnes.
Source: Bloomberg
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