After the sharp fall in Italian steel scrap prices earlier in October, domestic scrap quotations in Italy have been indicating a recovery since the last 10 days of October, as stated by Assofermet, the Italian association of traders of iron, steel, non-ferrous metals, ferrous scrap, hardware and similar goods.
Scrap demand from Italian steel mills has improved as they need to replenish their stocks to meet their needs in light of increased production activity.
Also, in the other EU markets, according to Assofermet, scrap quotations are on the rise and prices are higher than those observed in Italy.
On the supply side, Italian scrap traders’ inventories are quite tight due to the reduced scrap output of Italian industry in general. Scrap prices outside the EU are also indicating an uptrend in November.
Finally, in October about 53,500 metric tons of pig iron were imported via Port Marghera, Venice, while no scrap volumes were imported via the port for the second month in a row.