Stainless steel scrap processor buying prices continued their
climb this week as nickel tags maintained their rally and
available material remained tight, market participants
broker/processor buying prices for Type 316 solids rose to
$1,905 to $1,970 per gross ton from $1,880 to $1,950 per ton
Dec. 17, Type 304 solids jumped to $1,455 to $1,500 per ton
from $1,400 to $1,455 previously and 304 turnings increased to
$1,250 to $1,300 per ton from $1,230 to $1,255 per ton.
Dealer and processor
sources both noted increases across 300-grade scrap, thanks to
the LMEs continuing rally and a prevailing tightness in
available material on the ground.
The London Metal
Exchanges cash nickel contract closed the official
session Dec. 23 at $14,310 per tonne ($6.49 per pound), up 1.8
percent from $14,060 per tonne ($6.38 per pound) Dec. 16 and
its highest level since reaching $14,580 per tonne ($6.61 per
pound) Nov. 1. The contract slipped slightly Dec. 24, ending
the official session at $14,050 per tonne ($6.37 per
"I think overall,
things are improving. ... Demand looks fine. Theres still
a shortage of scrap. People are dying to buy material," one
processor source said.
"Demand at the mills
is picking up, but my question is where youre going to
find it. ... Material is tight, tight as can be," one
dealer source said.
"There is demand, and scrap is reasonably tight," a second
processor source said. "Theres been a bit of (upward)
movement. Were in the higher end of the trading range for
the last six months, on a spot basis."