U.S. stainless scrap prices weakened this week after inching higher the past several weeks, despite supply concerns and lower nickel prices on The London Metal Exchange (LME). The LME cash nickel contract closed the official April 16 session down 1.5% from a week earlier, and more than 5% off its March highs.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were mixed for the week. Type 316 solids narrowed upward by 2 cents/lb, Type 304 solids widened downward by a penny and Type 304 turnings dropped a penny overall. Type 430 turnings were unchanged, while Type 430 solids and Type 409 solids and turnings each narrowed downward by a penny.
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.