Italian stainless steel scrap prices are seen increasing in new November contracts by some €40/tonne ($47) compared to October. Prices will be supported by costlier nickel and some improvement in demand.

Sales volumes have remained low so far but demand is resuming after the weakness of the past months. Increased orders are being registered from Acciai Speciali Terni and even chromium grades are now back in demand. In Italy, 400 series demand has been subdued in recent months, Kallanish is told.

At present, 304 grade is sold at between €1,050-1,080/t delivered on average, while 316 is sold at €1,500-1,550/t delivered, sources suggest, with strong demand registered for grade 304, sources say.