Assofermet: Italian scrap prices see correction following high prices in January

After reaching high quotation levels in January, the Italian scrap market has recorded a general downward correction of prices which reflects the change in the supply-demand situation - states Assofermet, the Italian association of traders of iron, steel, non-ferrous metals, ferrous scrap, hardware and similar goods.. For four consecutive weeks, high prices in the domestic market have contributed to strong sales which have reduced stockists' supplies, with the result that their scrap inventories are tight now.
 
Following the recent buying rush, new support is expected to be found for scrap quotations in February, especially with a new demand phase anticipated on the back of support from relatively high steel outputs which need significant amounts of scrap.
 
The international markets have recorded a reduction in scrap prices too, with a minor decrease in Germany, Austria and eastern Europe.
 
Turkey has just started to buy scrap from abroad again, at prices that are higher than local price levels.
 
About 75,000 mt of pig iron and around 16,150 mt of scrap arrived at Port Marghera, Venice in the month of December.