Italian domestic steel scrap prices increased substantially in the month to Thursday May 12 on support from limited availability of some grades of material and rising international prices, market sources told Fastmarkets.
Market sources said that the shortage of semiconductor chips has had a negative effect on car manufacturing and, as a result, new scrap availability."Scrap traders have taken a lot of orders in April, when nobody expected such a massive price rise in the international market. Now they have to pay higher prices to scrap collectors then they have to ship. They're trying to get higher prices to compensate the losses," an Italian...