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Assofermet: Italian scrap market stable, yet foundries face cautious outlook in cast iron and ferroalloys

Wednesday, 06 November 2024 15:11:07 (GMT+3)   |   Brescia
       

Italy’s ferrous scrap market remained stable in October, with steady demand from steel mills, as highlighted by Assofermet, the association representing Italian distributors of scrap, raw materials, and steel products, in its monthly note on raw materials for the steel industry. However, scrap inventories at collection and recovery facilities are declining, prompting some operators to wait for better price conditions before committing to sales contracts. At the end of October, slight price increases (€5-10) were recorded, with further minor increases expected for November.

Internationally, according to Assofermet's analysis, the scrap market exhibited fluctuating trends in October, influenced by expectations for the Chinese market. After an initial price increase, prices began to fall, negatively impacting negotiations. In the Asian markets, the trend was particularly volatile, while Europe maintained relative stability.

In the stainless steel scrap market, October saw limited purchases at prices unaffected by nickel trends, alongside reduced availability. Interest in purchasing cast iron has also remained low, as steel mills preferred to avoid long-term commitments. Meanwhile, foundries have been operating at reduced capacity (40-50 percent) and have been postponing collections. International prices have stabilized, with slight increases in certain sources. The pig iron sector remains weak, with low order volumes and “just-in-time” purchases aimed at cost minimization. European logistical challenges, including rising transportation tariffs and delivery delays, are encouraging foundries to exercise caution and maintain low inventory levels. However, pig iron availability remains adequate.

Finally, according to the Italian association, the ferroalloy market remains weak, with declining prices for FeMn and SiMn. Ferromolybdenum recorded a slight decrease, while ferrovanadium saw a price increase.


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