Italian scrap prices have stabilised versus last week after inching down €10/tonne ($10.4) earlier this month, Kallanish notes. 

Sellers believe prices will go up in January, in line with the recent increases in Turkish scrap. Some merchants are keeping medium to high stocks in their yards in anticipation of price hikes next month.

With the market gradually coming to a halt for the holiday, steelmakers will mothball their plants at the end of this week for longer stoppages that will last until 7 January.

Sources point to a scrap shortage, which may cause prices to balloon in January should demand from mills increase.

E8 mixed grade is pegged at €320-325/t, while the premium E8 grade is priced at around €350-360/t delivered this month. Domestic E40 mixed grade is at €330-335/t and the automotive grade at €350/t. Market participants are securing E3 at a delivered price of €310-320/t, while E1 is being transacted at approximately €290-300/t delivered, sources suggest.