NEW YORK Stainless scrap
prices have risen on the back of higher nickel prices on the
London Metal Exchange.
Processors are now paying
between $1,635 and $1,680 per gross ton for 304 clips and
solids, up from $1,525 to $1,570 previously; and $2,250 to
$2,320 per ton for 316 clips and solids, up from $2,150 to
One processor attributed the
increase to early indications that stainless mills are buying
slightly more than expected for December in order to take
advantage of a soft scrap market.
"Theyve brought some
buying forward," he said, adding that this could mean
Januarys buys will be less than previously
But a second processor disagreed
with this assessment. "Theres just no sign of orders.
This (rise) could blow up; who knows?" he said, adding that he
expects consumers to return in earnest at the beginning of the
The cash nickel contract traded
at $17,315 per tonne in Tuesdays official session on the
London Metal Exchange, down from $17,600 per tonne the previous
day but well above the $16,670 per tonne recorded one week
Some sources also said that
prices are rising because dealers are unwilling to sell at the
previous lower numbers, though some still showed little sign of
"I wouldnt sell it anyway.
Maybe if they went to 80 (cents per pound, or $1,792 per ton
for 304 clips and solids)," one dealer said.