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• Dry Bulk Commodity Update (19 June 2019)

  Russia said it will begin enforcing regional quotas and limiting its exports of ferrous scrap beyond the Eurasian Economic Union (EEU) starting in July and continuing for the six months thereafter. Further, starting next year, Russia says it will be handling scrap exports exclusively with an exchanged-based tender process. A bill in support of the new measures is expected to be introduced in September. The quotas will involve a series of specific coefficients to be assigned to each region in proportion to the shortage of ferrous scrap in the region. The lowest coefficient of 0.5 will be applied to Russia’s southern regions while the highest (1.5) will be set for Arkhangelsk. How this will effect scrap shipments within Europe is yet to be seen, especially for Turkey, the world’s top scrap importer. Turkey’s imports of shredded ferrous scrap, at any rate, have increased considerably in June so far with new data showing that Turkish mills bought 238,500mt of shredded scrap—comprising 15 single cargoes—since the start of June, which is more than twice the volume purchased by Turkey for the entirety of May (108,500mt). Scrap market observers speculate this increase in shredded steel imports to Turkey reflects a desire to build scrap stocks at presently favourable prices rather than in response to any growth in demand for domestic steel production.

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