In a notable development, the scrap metal market in Western Europe has shown signs of stabilization. According to recent reports, the prices for scrap in France, Belgium, and Luxembourg have remained steady throughout July, continuing the trend that was observed in June. This stability is particularly evident in certain contracts and grades, such as E8 and E3, which have seen a modest increase of €5 per tonne ($5.4). This increment mirrors the gradual rise in prices in the Turkish market.

The market's steadiness is attributed to the consistent demand from buyers who are experiencing some challenges in securing the necessary materials. It is anticipated that during the summer months of July and August, mills will operate at full capacity. However, there is an expectation of a reduction in production rates come September.

This period of stability is a significant marker for the scrap metal industry in Western Europe, reflecting a balanced supply-demand dynamic and a gradual alignment with international pricing trends.