According to the monthly market report issued by Assofermet, the Italian association representing companies active in the trade, distribution and processing of steel and metals, the market remained stable in November 2025, showing some signs of recovery.
Italian ferrous scrap market
In November 2025, there was a contraction in the collection of ferrous scrap. Prices rose by €5-10/mt, while deliveries remained stable. The situation remains positive, considering that steel mills have received orders until January-February 2026.
International and Turkish scrap markets
In November, scrap prices in the Turkish market rose by $15/mt. According to Assofermet, these “increases were necessary [...] to ensure continuity of supply”.
In Asia, demand was weak with sporadic increases. The price difference between HMS1 and shredded scrap increased.
In Europe, however, the market was livelier. In Spain, the price of shredded scrap rose by €10-12/mt in the last days of the month.
Stainless steel scrap
In the stainless steel scrap segment, supply and demand in Italy and Europe remained scarce. This precariousness contributed to keeping prices unchanged month on month.
In November, upward and downward movements were minimal, mainly due to urgent needs and micro-adjustments.
The volumes of slabs arriving from Indonesia remained constant, putting pressure on the Indian market as well. According to Assofermet, this caused “a significant absence of trading in this market for about two weeks, amplifying the overall deflationary impact”.
The situation also remained unchanged in the high-speed steel segment, with a decline in interest in high-cobalt products.
Activity in the superalloy market was virtually non-existent.
Pig iron
Demand was supported by steel mills and traders, who are now stocking up in order to complete customs clearance procedures before January 1, 2026, when CBAM will come into force.
In November, there was an increase of $10/mt in the Ukrainian market. Other increases affected Russian pig iron sold in Turkey, although weak local demand did not help.
Assofermet commented, “It is important to note the significant price difference between pig iron offered in the Turkish market and pig iron arriving in the European market, in the order of around $80-100/mt.”
Brazil and Ukraine have intensified their activities in the United States and Europe, albeit with limited price increases.
Hematite pig iron
The stability of November, similar to that of October, confirmed the weakness of the hematite pig iron market.
The outlook remains uncertain and demand, sporadic and discontinuous, is limited to short-term requirements to cover December needs.
The European safeguard on ferroalloys, announced in mid-November, further complicated the situation and increased concerns about the costs of raw materials needed to produce special pig irons.
Transport remains compromised, causing shipping delays and difficulties in fulfilling orders.
Ductile iron
The shortage of orders is worsening, with orders being redirected to Turkey and India due to limited demand for new castings and the lack of competitive prices offered by foundries.
The few deals concluded have seen prices remain unchanged. At present, Assofermet is not reporting any availability issues, as Russian pig iron stocks are sufficient to cover the needs of the first quarter of 2026. The availability of pig iron from Brazil is increasing.
Foundries do not seem to have fully understood the burdens of CBAM, the costs of which will be reflected in prices in the coming months, “due to the fact that the early arrival of new ships and the possibility of customs clearance still in December mean that the CBAM issue is still not widely understood”.
Ferroalloys
The ferroalloy market was shaken by the European safeguard measures introduced in the middle of the month, which traders had hoped would not be confirmed.
In the ferromanganese segment, an upward trend could be observed, supported by limited supply and uncertainty over the prices of incoming material, which could be affected by CBAM costs.
A more critical situation was recorded in the ferrosilicon segment.