European import prices for austenitic alloy steel scrap narrowed slightly higher this week, with sources noting limited supply, however, the market is largely stable, with participants awaiting the third-quarter ferro-chrome benchmark settlement.
Expectations for the ferro-chrome benchmark - a significant driver of steel scrap prices - had previously been for a substantial decrease amid weak spot prices, yet this has now changed and a much smaller reduction is likely, sources said. With benchmark settlement predictions varying so much in recent few weeks, sources have been acting cautiously in the market, reluctant to expose themselves to losses should prices move substantially and unexpectedly. The Metal Bulletin ferro-chrome...