Austenitic (300 series) stainless scrap prices ticked higher this week and Ferritic (400 series) prices held steady as a tight supply chain maintained its grip on prices. The stainless scrap market remains sluggish on tight supplies and modest demand, and the added uncertainly of winter weather on product flows.
The London Metal Exchange (LME) cash nickel contract closed higher by a half-percent on January 21 from a week earlier, before giving back its weekly gain the following day. The nickel contract is down approximately 4.5% since late December.
Type 316 and Type 304 solids and clips each rose by 1-2 cents/lb. for the week, bested by Type 304 turnings which gained 1-3 cents/lb. Type 430 and Type 409 solids and turnings were unchanged 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.