NEW YORK Stainless steel scrap consumer buying prices have fallen along with broker/processor prices as market participants report ongoing low demand.
Consumers purchased 316 solids and clips in a range of $2,375 to $2,425 per gross ton, down from $2,400 to $2,450 previously; 304 solids and clips dropped to $1,740 to $1,790 per gross ton from $1,780 to $1,860; 304 turnings fell to $1,590 to $1,615 per gross ton from $1,600 to $1,630; and 430 bundles and solids slipped to $580 to $600 per gross ton from $585 to $610. The price range for 409 bundles and solids tightened to $510 to $520 per gross ton from $510 to $535 previously.
Market participants told AMM that prices have been on a steady march downward over the past month, along with end-user demand.
"We dont have a lot of demand, so our melts are low," one consumer said. "We also have an outage scheduled for this month, so were off about a third from what our melt capacity normally is."
"Its very hand-to-mouth with very short lead times," one seller said. "Demand is just bumping along at workman-like levels. Theres nothing exciting in the stainless game right now at all; its on cruise control.
"Nobody is expecting business to come to a complete grinding halt," he added, "but not many people are willing to dip their toes in the water for forward orders."