Domestic scrap prices in local Italian scrap market have mostly remained on a slightly soft trend over the past week. As many Italian producers had announced halts in production, market players are trying to understand if any of them intend to return to the market. According to one source, “The steel industry is in a waiting phase to see what will happen regarding the energy and gas problem. When the situation is understood, then everything will accelerate in the steel industry.” Another source agreed, stating, “There is no great news in the market this week. Prices are mostly stable but the fundamentals are unstable. We can only estimate prices for the next one to three days and not more.”
It is observed that European countries are trying to support manufacturing industries with packages and measures against higher energy and gas prices. An Italian source reported that there are several solutions on the table, from a cap on prices for energy and gas to windfall taxes on energy companies which have abnormally high profits. “However, there is nothing concrete yet and we have an election at the weekend [September 25],” he added.
Currently, local scrap prices in Italy are as below:
|
Quality |
Average spot price (€/mt) |
Average spot price (€/mt) |
|
Turnings (E5) |
260-280 |
270-290 |
|
HMS (E3) |
290-330 |
290-330 |
|
Shredded scrap (E40) |
320-350 |
330-360 |
|
Busheling (E8) |
310-350 |
320-350 |
Prices include delivery and exclude VAT.