NEW YORK Stainless scrap processor buying prices have fallen further as market participants report a sustained slowdown in consumer orders.
Type 316 solids dropped to $2,150 to $2,200 per gross ton from $2,175 to $2,240 previously, Type 304 solids fell to $1,450 to $1,525 per ton from $1,475 to $1,545, and 304 turnings declined to $1,300 to $1,350 per ton from $1,325 to $1,375 previously.
"Orders continue to slide. Theres not much positive in the stainless business right now," one processor said.
"Were not getting many inquiries. I still think the domestic guys are pretty long on inventory," a dealer added.
Some buyers are "taking a mini-breather," sitting out of the market while demand is at a lull, a second processor said.
"Theres less confidence moving forward that well see robust demand at some point, and theres a little move to drive prices down a little bit," he said. "Its a pretty difficult time right now. It feels like its almost more tenuous today than it had been for most of the first quarter."
However, scrap trading will take a back seat to the Institute of Scrap Recycling Industries annual convention and exposition, being held this week in Orlando, Fla., a third processor said. "For the scrap industry, this week is a time to go look at equipment and get an idea of what markets are doing," he said.
Meanwhile, peddler prices remain unchanged, with 304 solids and clips steady at 52 to 54 cents per pound.
The cash nickel contract ended the London Metal Exchanges official session at $16,070 per tonne ($7.29 per pound) April 9, down 2 percent from $16,390 per tonne ($7.43 per pound) a week earlier.