Nickel prices were higher on the London Metal Exchange (LME) this week helping to boost aluminum scrap prices in the U.S. The LME cash nickel contract closed up 8% on February 5 from a week earlier and continued to move higher on the exchange in next day trading. The welcome news comes amid a generally weak stainless market in recent months.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. posted solid gains for the week following the LME. Type 316 solids jumped 6-7 cents per lb, Type 304 solids gained 4-5 cents per lb and Type 304 turnings increased 5-6 cents per lb. Type 430 turnings jumped 9-12.5 cents per lb, while Type 430 solids and 409 solids and turnings were unchanged.
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.