“Scrap prices are rebounding in Italy", one local trader has told SteelOrbis, though adding that it remains to be seen how strong the rebound will be and how long it will last. Domestic scrap prices in Italy had declined by more than €50/mt in the past three months, but, according to the same source, this was “excessive”.
As reported previously, in recent weeks several players have said they believed that any further price decreases would lead to disruptions in the supply chain. Also, they indicated that excessively low price levels had been reached and that, this factor, along with the reduced availability of scrap, would cause a rebound. Furthermore, import scrap prices in Turkey have risen by about $25/mt in the past month, which is another factor having an impact on sentiment among suppliers and buyers of scrap in Italy.
According to local market sources, scrap prices have increased by €5-10/mt on average in the Italian market in the past weeks. However, there is room for further rises in the coming period, "also due to the approach of the end of the year".
Average spot prices in the local Italian scrap market are as follows:
|
Quality |
Average spot price (€/mt) |
|
Turnings (E5) |
180-185 ($200-205/mt) |
|
HMS (E1/E3) |
200-205 ($222-228/mt) |
|
Shredded scrap (E40) |
215-220 ($239-244/mt) |
|
Busheling (E8) |
215-220 ($239-244/mt) |
Prices include delivery and exclude VAT.
€1 = $1.11