Nickel exports log third monthly drop in September

Dec 10, 2007 | 11:34 AM | Michael Marley

U.S. exports of nickel scrap plunged in September, the third consecutive month that offshore sales of the high-temperature alloy have dropped.

Shipments slid to 4,721 short tons in September, according to the latest figures from the U.S. Commerce Department, down 26.6 percent from 6,434 tons in August to the lowest monthly total since September last year, when 4,414 tons of nickel scrap were sold abroad.

Competition from offshore scrap suppliers and softer primary nickel prices on the London Metal Exchange were seen as applying the brakes on what had been a steadily rising market for U.S. alloy scrap shippers for much of this year. High prices for both primary nickel and scrap drew some suppliers away from domestic mills and into the international market, one U.S. trader said.....