Local Italian scrap market remains stable

After moving up at a slower pace last week, the local Italianscrapmarket has remained stable in the current week. Finished steel demand inItalyis still on the low side, while energy costs and inflation are negatively impacting the market.

According to one market player, “Italian steel producers are expected to announce long stoppages starting from the end of November if the fiscal bonus for energy consumption costs is not renewed for mills.” The fiscal bonus in question is a credit provided by the ministry, and is like a discount in taxes after the evaluation of the difference between the average costs of energy last year and this year. While some market players believe prices will remain stable at the current levels, others think that there is some room for a further decline in the coming weeks.

As a result, SteelOrbis’ range of reference prices for localscrapprices inItalyare as below:

Prices include delivery and exclude VAT.