Stainless scrap trading opened 2017 on higher prices and strong demand, while nickel prices edged lower on the London Metal Exchange (LME). The price shift is uncharacteristic of the U.S. stainless scrap market, which typically trends with nickel contracts on the LME. In the current period, however, stronger chrome and steel prices are ably compensating for the nickel decline.
LME cash nickel contracts were off 2.7% during the first 10 days of the year. In contrast, 300 series stainless was up more than 13% for solids and 14% for turnings. The 400 series traded even higher on average surging more than 17%.
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.