Stainless scrap fluctuates as market eyes LME

May 20, 2014 | 02:42 PM | Rey Mashayekhi

Tags  stainless scrap, scrap prices, nickel, London Metal Exchange, LME, molybdenum, 304 stainless, 316 stainless Rey Mashayekhi

NEW YORK — Stainless scrap prices continue to fluctuate due to volatile London Metal Exchange nickel tags, with scrap market participants noting a lull in activity at the start of the week as suppliers waited for nickel to return to the 27-month highs seen last week.

AMM’s broker/processor buying prices for Type 316 solids moved up about 2.2 percent to a range of $2,530 to $2,575 per gross ton May 19 from $2,465 to $2,530 previously, but Type 304 solids dropped around 3.9 percent to $1,905 to $1,950 per ton from $1,995 to $2,015 and Type 304 turnings fell about 2.5 percent to $1,745 to $1,790 per ton from $1,790 to $1,835.....

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