Italian Stainless Scrap Demand Slides in July
Italian stainless scrap sales volumes this month are expected to be lower than June as some mills, particularly longs producers, will be purchasing less due to the summer closures in August, market sources tell Kallanish.
Traditional sellers have only implemented small contracts so far below 500 tonnes and are now negotiating with the large mills for July contracts. While small tonnage transactions were implemented at the beginning of the month, the market is said to be expecting increases for the large purchases this week due to nickel price fluctuations.
So far grade 304 has been sold at €1,500-1,550/tonne ($1,778-1,837) delivered in Italy but prices for large purchases are expected to push the current range higher this week. Sales for 316 are lower in terms of volumes compared to 304 as this grade is more expensive and in short supply. 316 has been sold so far at €1,960-2,080/t delivered, sources suggest.
Nickel prices for cash buyers were at $18,673/t on 9 July, Kallanish notes.
Natalia Capra France