As anticipated, the local Italian scrap market has continued its upward movement. An Italian source commented, “Besides the strong price trend in Turkey, the bullish trend observed in Italian scrap quotations is mainly the result of demand exceeding supply.” Sentiment in the local Italian scrap market is still positive.
Another Italian source stated, “The first reaction to the US bank crisis in Italy was bad, causing exchange markets to perform weakly.” Market players report that a recovery has started today, March 17. Hence, contrary to Asian players, the Italians do not mention pessimistic expectations, at least yet.
As a result, SteelOrbis’ range of reference prices for local scrap prices in Italy are revised as below:
|
Quality |
Average spot price (€/mt) March 17 |
Average spot price (€/mt) March 1 |
|
Turnings (E5) |
340-355 |
335-350 |
|
HMS (E3) |
370-395 |
360-385 |
|
Shredded scrap (E40) |
380-420 |
370-410 |
|
Busheling (E8) |
395-415 |
390-410 |
Prices include delivery and exclude VAT.