Most everything about the stainless scrap market has been lackluster this year. Low demand, skittish nickel prices, lower scrap prices, even lean inventories at consuming mills haven’t helped to pull the struggling market out of the doldrums. At year end, market participants are seeing little evidence for recovery in 2020.
The London Metal Exchange (LME) cash nickel contract closed down 5.4% from a week earlier on December 3, before retreating further the following day. The nickel contract is down nearly 30% since September.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were generally lower for the week. Type 316 solids and clips widened downward by 2 cents/lb., while Type 304 solids and clips widened downward by a penny and Type 304 turnings widened downward by 4 cents/lb. Type 430 solids widened upward by a penny, and Type 430 turnings and Type 409 solids and turnings remained flat for the week.
We will continue to keep you updated on market conditions through our website news section, so check back often. Metro Alloys has successfully served its clients for more than 30 years in all market conditions and we encourage you to contact your sales representative, Marvin Fish, Gary Kamp or Abby Frank with any questions.