LONDON Stainless steel scrap prices continued to fall in the United Kingdom last week on the back of declining demand and falling nickel prices.
Trading was noticeably slower, a market source told AMM sister publication Steel First, with no major uptick expected as the summer slowdown approaches.
At least one scrap merchant was buying stainless scrap and holding stock in the hope of higher prices to come.
The market mirrors the situation in the United States, where plunging nickel prices continue to drag down the domestic market (amm.com, April 23).
The London Metal Exchange three-month nickel contract ended the official session May 2 at $14,850 per tonne, down 9.7 percent from $16,450 a month earlier.
A version of this article was first published by AMM sister publication Steel First.