The Italian market for ferrous scrap is still weakening in late March. There was a lot of speculative buying by tradersin the first half of the month, but now prices for raw materials in the country are coming close to the levels regionalquotations are standing at. As previously reported, a short pick-up in business activity in early March turned into agroundless price leap of EUR 40/t in Italy, yet local traders could not keep their prices that high. Demand has stayedweak in the long product market, which is still affected by the situation in the Middle East, and therefore price bubbleis now deflating rapidly in the market for raw materials. Another factor causing domestic scrap prices to fall is lowercost of the material under monthly contracts with French and German suppliers.
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