In Western Europe, scrap prices have risen moderately between €5-10/tonne ($5.3-10.7) for some grades, while other qualities have remained flat, depending on each mill's needs. This increase lags behind the more significant price hikes witnessed in the southern region of Europe.

One steel producer in France is strongly reducing output this month and buying lower scrap tonnages, as finished product order books fail to improve. Despite the weak demand, scrap availability remains tight, according to market sources.

Suppliers report that export volumes to Turkey continue to stagnate. However, last week, Benelux exporters were forced to increase their dock prices due to weak inflow, although scrap values in Turkey are under strong downward pressure. On Monday, Benelux dock prices were mostly pegged at around €305-310/tonne, down €10/tonne on-week.

In Western Europe this month, E40 scrap is hovering at €375/tonne delivered, or slightly more depending on transport costs. E8 new arisings are at €365-375/tonne, also varying based on needs and transport costs. E3 stands at €360-365/tonne, and E1C is at €340-350/tonne delivered, according to sources.

While scrap price increases in Spain are more moderate, at about €10-15/tonne depending on grade, the market in Italy is described as "completely delirious" by a source. Offers of mixed E40 grade in Italy are as high as €420/tonne delivered, with other grades somewhat below €400/tonne delivered.

The upward traction on scrap prices in Western Europe is being driven by the short availability and speculative behavior of merchants in Southern Europe, particularly in Italy, where scrap prices have risen significantly.