Rising mill demand, nickel prop up stainless scrap prices

Nov 14, 2007 | 12:48 PM | Michael Marley

Prices paid for nickel-bearing stainless steel scrap by brokers and processors have risen steadily in November, spurred by revived demand from stainless mills and higher primary nickel prices.

Traders in the Pittsburgh market also blamed the weak U.S. dollar and speculative buying of primary nickel on the London Metal Exchange for the price increases. Three-month nickel ended the final kerb on the LME Wednesday at $33,600 a tonne ($15.24 a pound), up from $32,000 at the start of the month and the official low for the year of $25,495 a tonne set Aug. 16.....

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