London 13 January 2011 13:37
Tight ferrous scrap supply, and increased steel demand in Italy has seen prices rise sharply.
“Quantities [of scrap] delivered have been lower than the needs of mills,” a merchant said.
E8 new arisings were purchased at €390-410 ($512.4-538.7) per tonne delivered this week, increasing from the December average delivered price of €340 per tonne.
E40 shredded changed hands at €380-400 per tonne delivered, up from a December average delivered price of €340 per tonne.
E3 demolition material finally showed signs of catching up with higher grade prices, being bought at €360-390 per tonne delivered, up €60 from a cargo bought at €330 per tonne delivered on December 24.
Foundries were quoted prices of €410-420 per tonne delivered for bundled E8 new production material this week.
In December, 90,000 tonnes of ferrous scrap was imported to Italian ports, although around 16,000 tonnes of this cargo was then shipped on to Turkey, where recyclers could receive higher prices for their material, the merchant said.
Italian steelmakers have returned to the market after the winter break and report stronger finished demand for long and flat products.
These factors have forced scrap prices up again, making January the fourth consecutive month of market strengthening.
Domestic traded prices have now broken the €400 per tonne delivered mark for two higher quality grades.
“Mills’ demand levels have remained stronger than scrap availability,” the merchant said. “Consequently the upward trend will drive the January market up.”
“Quantities [of scrap] delivered have been lower than the needs of mills,” a merchant said.
E8 new arisings were purchased at €390-410 ($512.4-538.7) per tonne delivered this week, increasing from the December average delivered price of €340 per tonne.
E40 shredded changed hands at €380-400 per tonne delivered, up from a December average delivered price of €340 per tonne.
E3 demolition material finally showed signs of catching up with higher grade prices, being bought at €360-390 per tonne delivered, up €60 from a cargo bought at €330 per tonne delivered on December 24.
Foundries were quoted prices of €410-420 per tonne delivered for bundled E8 new production material this week.
In December, 90,000 tonnes of ferrous scrap was imported to Italian ports, although around 16,000 tonnes of this cargo was then shipped on to Turkey, where recyclers could receive higher prices for their material, the merchant said.
Italian steelmakers have returned to the market after the winter break and report stronger finished demand for long and flat products.
These factors have forced scrap prices up again, making January the fourth consecutive month of market strengthening.
Domestic traded prices have now broken the €400 per tonne delivered mark for two higher quality grades.
“Mills’ demand levels have remained stronger than scrap availability,” the merchant said. “Consequently the upward trend will drive the January market up.”
Copyright © Metal Bulletin Ltd. All rights reserved.
No comments:
Post a Comment