There have not been any very significant developments in the Italian scrap market. For the time being, supply and demand continue to be generally in balance, though shredded scrap appears to be more available compared to other grades of material, with consequent slight decreases of market quotations (down €10/mt compared to last week).
Currently, prices of heavy melting scrap (HMS) in the local Italian market stand at €290-310/mt ($427-441/mt), virtually unchanged compared to last week. Busheling is also stable at €360-370/mt (with a peak of €380/mt for high quality busheling), while shredded scrap prices have decreased slightly on the upper end of the price range, now standing at €330-340/mt. All prices are for delivery to customer.
According to a market player consulted by SteelOrbis, no particular movements in scrap prices are expected in the Italian market for the remainder of May. However, in June a new phase of decline may be seen, as mills appear to be in possession of enough stocks for their planned Q2 production.
As for the international market, in recent days the appreciation of the euro against the US dollar has slowed down, and this has encouraged scrap exports from Europe to Turkey. On May 9, an offer of European HSM I/II 70:30 to the Turkish market stood at $439/mt CFR, down compared to $455/mt CFR in the previous week.