Market participants saw mixed U.S. stainless scrap prices this week, but remain cautiously optimistic with nickel prices trending higher since year end on the London Metal Exchange (LME). The LME cash nickel contract closed the March 12 session slipping 2.2% from a week earlier when it reached its highest level since August 2018. Despite this week’s dip, the LME contract is up 17% from its December 2018 average.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were mixed during the week. Type 316 solids and Type 304 turnings were unchanged, while Type 304 solids narrowed upward by a penny per lb. Type 430 solids widened downward by 3 cents per lb, Type 430 turnings were lower by 1-2 cents per lb, Type 409 solids widened upward by ½ cent per lb, and 409 turnings were higher by 1-2 cents per lb.
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.