Stainless steel scrap broker/processor buying prices have
arrested their slide, with many market participants waiting
until after the July 4 holiday for a clearer indication on
The only grade to show
movement was 304 turnings, which fell to $1,050 to $1,100 per
gross ton from $1,075 to $1,120 previously. Holding steady were
304 solids, at $1,200 to $1,255 per ton, and 316 solids, at
$1,850 to $1,925 per ton.
Dealer prices were
also unchanged, with 304 solids trading in a range of 42 to 44
cents per pound f.o.b. Pittsburgh.
The cash nickel
contract on the London Metal Exchange closed the official
session at $13,915 per tonne ($6.31 per pound)
July 2, an increase of 0.4 percent from $13,865 per tonne
($6.29 per pound) June 25.
participants told AMM that few companies were looking
to take a position in a week interrupted by the July 4
"Theres not a
lot going on in the marketplace. Theres a lot of
uncertainty," one processor said.
"Someone I spoke to
said they might not price stainless until next week. Its
not surprising, considering that most places will be closed
Friday as well as Thursday," a second processor added.
While most processors
forecast further price drops over the rest of the summer, a
third processor said he had been forced to raise buying prices
slightly on 304 solids. "We have to stay competitive," he
told AMM this week that they dont expect Keywell
LLCs decision to idle three of its processing facilities
to have any effect on free-market pricing (
amm.com, July 1).