Stainless steel scrap broker/processor buying prices have
weakened as flat nickel tags continue to weigh on the
prices for Type 316 solids fell to a range of $1,800 to $1,860
per gross ton from $1,860 to $1,905 previously.
While 304 solids were
stable at $1,320 to $1,365 per ton and 304 turnings at $1,185
to $1,230 per ton, some brokers and dealers also reported
downward trends for those grades.
The London Metal
Exchange cash nickel contract closed the official session Oct.
1 at $13,740 per tonne ($6.23 per pound), down 0.7 percent from
$13,830 per tonne ($6.27 per pound) Sept. 23. The contract
slipped further Oct. 2, closing the official session at $13,630
per tonne ($6.18 per pound).
Many buyers said low
nickel prices have caught up to the market, contributing to a
slowdown in business. Some also said imports and sluggish sales
were placing pressure on domestic stainless mills.
"Stainless prices are
drifting downward as a result of sliding nickel prices," one
processor source said. "But more importantly, U.S. stainless
mills are having to keep a lid on their domestic buying numbers
as they continue to compete with possible Chinese imports."
Dealer buying prices
remained mostly flat, with 430 new clips rising to 9 to 11
cents per pound from 7 to 9 cents previously.