Stainless scrap prices nearly always trend along with The London Metal Exchange (LME), except lately. The LME cash nickel contract closed the October 8 session up nearly 1% from a week earlier and more than 3% from mid September. In contrast, domestic stainless scrap prices remain plagued by on-going poor demand and lackluster prices being significantly outpaced by the LME.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were lower for the week. Type 316 and Type 304 solids and clips all tightened by a penny per pound for the week, while 304 turnings were 1-3 cents/lb lower. Affected by the $40/GT drop in October ferrous prices, Type 430 solids dropped sharply by 11-14 cents/lb for the week, while Type 430 turnings dropped 6-10 cents/lb, Type 409 solids dropped 9-11 cents/lb and Type 409 turnings widened downward by 2 cents/lb.
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.