Stainless scrap tags down fourth straight week

Oct 30, 2012 | 11:40 AM | Thorsten Schier

Tags  stainless steel scrap, nickel

NEW YORK — Stainless steel scrap prices have fallen for the fourth consecutive week amid continued anemic demand from consumers and tumbling nickel prices.

"It’s hard to find a mill buyer these days," one market source said, noting that all indications suggest the current weakness likely will continue.

"Forget the rest of the year," a processor source said, citing numerous fiscal and political issues—including the looming U.S. "fiscal cliff," the European debt crisis and a reported slowdown in China—as factors causing economic uncertainty and impacting demand for both stainless steel and scrap.....

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