Mill discount cap sinks stainless scrap tags

May 06, 2014 | 12:47 PM | Rey Mashayekhi

Tags  stainless steel, scrap, scrap prices, 304 stainless, nickel, London Metal Exchange, Rey Mashayekhi

NEW YORK — Some stainless scrap prices dropped this week amid a cap on consumer mill buying discounts and as London Metal Exchange nickel prices cooled after reaching 15-month highs last week, market participants said.

AMM’s broker/processor buying prices for Type 304 solids fell to $1,835 to $1,860 per gross ton May 5 from $1,860 to $1,880 last week, and Type 304 turnings dropping to $1,660 to $1,680 per ton from $1,680 to $1,725 per ton previously.....

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