According to Assofermet, the Italian Steel Trade Association, scrap prices, which traded at €373 in February, fell by €3 to €370 in March, as scrap prices were also affected by the downturn in the steel market.
Data from SteelRadar revealed that in the first quarter of 2024, there was a significant downturn in the European steel market in general, with buyers not replenishing their stocks and no new deals, while the situation was no different in Italy, where prices of multiple products such as steel plate and cold rolled coil also fell significantly. Scrap was reportedly another product affected by the unfavorable market and weather conditions in Italy, trading steadily at €370 throughout March, with sources citing a great deal of uncertainty for the market.
According to sources, the slowdown in steel production towards the end of January had an impact on February prices, which remained stable throughout the month, while scrap prices in Italy are expected to fall by around €20/ton in the coming days. In addition to scrap prices, pig iron prices are also expected to decline in the coming days, with only a drop in demand for the time being.
Comments
No comment yet.