Italian stainless steel scrap is gaining around €50/tonne ($59.2/t) month-on-month in November on average depending on the grade. This is due to fluctuating nickel prices observed during the month, Kallanish hears from market sources.

New contracts are being negotiated for the period from the third Wednesday in November until the third Wednesday of December. Based on the average nickel prices in the past three weeks local mills will pay €1,200/tonne delivered for the most-demanded quality 304, up from €1,150/t on average of the beginning of the month. However, with blend, a mix of less pure qualities, 304 can reach over €1,270/t delivered, sources say.

Grade 316 prices in Italy remain high but steady month-on-month due to a shortage of supply. 316 is sold at between €1,550/t and €1,600/t delivered. This category can reach €1,700/t delivered including blend, Kallanish notes.