European stainless scrap purchase volumes will remain significant in December, as they were in November, Italian steel trade association Assofermet says in its monthly market report sent to Kallanish.
The association forecasts good demand for stainless scrap in Europe despite the impending Christmas holiday break. Prices, however, will be impacted by external factors such as nickel quotes from the London Metal Exchange (LME) and the global pandemic, with restrictions in activity seen possible.
In November, Assofermet noted significant demand for stainless scrap from European and non-European stainless steel mills. Prices in Europe have been in line with Italian values, which prevented imports of stainless scrap into Italy. Quotes for stainless scrap have been related to LME trends characterised by weekly fluctuations, the association adds.
In December, stainless scrap grade 304 and 316 in Italy and France increased by almost €100/tonne ($112) on high nickel prices, particularly for grade 316 that remains in short supply (see Kallanish passim).
Natalia Capra France