NEW YORK Stainless scrap
market players are eyeing potential price declines moving into
February as processor buying prices logged mixed results this
Processors are currently paying
between $1,745 and $1,810 per gross ton for 304 clips and
solids, up from $1,725 to $1,790 previously, while 316 clips
and solids dropped to $2,370 to $2,420 per ton from $2,400 to
All other prices were unchanged,
with many sources noting that relatively flat nickel prices
were keeping most grades stable.
Cash nickel closed the London
Metal Exchanges official session at $17,485 per tonne
($7.93 per pound) Jan. 23.
Prices could soften as demand
looks set to wane in some sectors, market sources said.
"I actually think the market is
a little too high and Im predicting it will start to
drift down a little. That could all change with tomorrows
nickel prices, but apparently the orders just arent
there," one processor told AMM.
"The word on the street is that
the mills are slowing down," one scrap dealer said. "I
anticipate a drop by the start of next week of about 5 cents a
January has also been a
relatively quiet month despite previous expectations of a
ramping up in output and demand, sources added.
"It was really bulling ahead
until about two weeks ago," a second scrap vendor said. "I
think a lot of people (went a bit crazy) buying up scrap before