NEW YORK Stainless scrap
dealer prices have risen slightly, although most
broker/processor prices remained unchanged despite a surge in
official nickel prices.
Processors are buying 304 solids
and clips in a range of $1,700 to $1,765 per gross ton, up from
$1,700 to $1,745 per ton previously, while 316 solids and clips
held steady at $2,350 to $2,420 per ton.
Meanwhile, 316 peddler prices
increased to 83 to 85 cents per pound (basis Midwest) from 82
to 84 cents, while solids and clips rose to 57 to 59 cents per
pound from 56 to 58 cents.
The London Metal Exchanges
cash nickel contract closed the official session at $18,565 per
tonne ($8.42 per pound) Feb. 5, up 5.3 percent from $17,625 per
tonne ($7.99 per pound) Jan. 29.
Seasonally tighter flows had
helped prompt a rise in peddler pricing, some scrap dealers
"The market is fine; the problem
is (that) the flow of material isnt what it should be,"
one dealer said. "That could be the time of year. In bad
weather or cold weather, people dont work as hard."
Meanwhile, the surge in official
nickel prices wasnt considered significant enough to
offset perceived weakness in demand from the steel sector, one
"If nickel continues to go up,
it will have a lifting effect on stainless prices," he said.
"But nickel is nickel; its not actually stainless
Nickel prices could eventually
have an effect on stainless scrap processor prices, but "not
yet," a second scrap dealer said.