Stainless steel scrap broker/processor prices remained flat
this week, but dealers and traders said they expect the market
to soften in the coming weeks amid uncertainty surrounding the
global nickel market and disappointing melting rates at
prices across all AMM-listed 300-series and 400-series
grades were steady going into November, but market participants
warned of a stainless scrap market that looks set to slip amid
falling nickel prices.
The London Metal
Exchanges cash nickel contract closed the official
session Nov. 5 at $14,325 per tonne ($6.50 per pound), down 1.3
percent from $14,520 per tonne ($6.59 per pound) Oct. 29 and
down 2.1 percent from a two-month high of $14,635 per tonne
($6.64 per pound) Oct. 22.
changed, and we are hearing the market will probably soften
over the winter," one dealer source said.
"If nickel continues
to trend down, brokers will lower their prices by the
mid-to-end of the week," a second dealer source said.
"Things are pretty flat," one processor source said. "I
think well probably know more about pricing by (Nov. 7),
depending on what nickel does between now and then. It does
feel like theres been a bit of steam taken out of the
prices for Type 304 solids held between $1,410 to $1,455
per gross ton Nov. 4, while 304 turnings climbed to $1,230 to
$1,275 per ton.