Italian scrap is moving up this week after the €15/tonne ($17.3/t) fall seen earlier in September and a market torpor that has caused sales volume to decline, Kallanish learns from local merchants.

While in the first week of September mills refused to make purchases and put off decisions, since last Friday they have resumed looking for material. Last week mixed quality new arising E8 was sold at €295/t delivered, while on Monday it was sold at €298/t delivered.

Sources believe prices have bottomed because mills are back to purchasing. However, Turkish scrap prices remain a question mark and will influence Italian prices, they add.

Mixed quality new arisings E8 is now pegged at €295-298/t delivered, while the higher quality is at €305-310/t delivered. Shredded grades E40 are at €300-305/t, while demolition qualities are at €270/t for E1 and €260/t delivered for E3, sources suggest.