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Metro

Stainless, Nickel Down on Virus

Mar 27, 2020Home Page, Non-Ferrous News

Metro Alloys, Stainless ScrapScrap recycling facilities are operating as essential businesses during the Coronavirus (COVID-19) pandemic, though many are closing their retail scales while continuing to service their industrial customers.

Stainless scrap prices were lower this week across the U.S., along with retreating benchmark nickel prices on the London Metal Exchange (LME). The LME cash nickel contract closed the March 24 session down 6.4% from a week earlier and nearly 21% since the end of 2019.

Austenitic (300 series) and Ferritic (400 series) prices were also lower during the week. Type 316 solids and clips lost 4-6 cents/lb, Type 304 solids and clips shed 4-5 cents/lb and Type 304 turnings dropped 5 cents/lb for the week. Type 430 solids and turnings each lost 1-3 cents/lb, Type 409 solids lost 2 cents/lb and Type 409 turnings shed 2 cents/lb on the low end for the week.

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