Higher stainless steel scrap prices may not last

Apr 29, 2014 | 03:18 PM | Rey Mashayekhi

Tags  stainless steel, scrap, nickel, London Metal Exchange, LME, processor, consumer, mill broker

NEW YORK — Rising London Metal Exchange nickel prices pushed stainless steel scrap prices higher this week, but the market has shown signs of cooling off, with sources telling AMM that major processors are fighting compressed margins by importing European material in a bid to drive down their buying prices.

AMM’s broker/processor buying prices increased across the austenitic grades April 28, with Type 316 solids climbing to a range of $2,350 to $2,395 per gross ton from $2,330 to $2,375 previously, 304 solids strengthening to $1,860 to $1,880 per ton from $1,835 to $1,860 and 304 turnings rising to $1,680 to $1,725 per ton from $1,660 to $1,700.....

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