U.S. stainless scrap prices continue to come under pressure with little change in demand, little change in prices on the London Metal Exchange (LME), and more than ample supply in the market. The LME cash nickel contract closed its June 4 session down 3.7% from a week earlier and more than 12% off its March 2019 highs.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were mixed for the week. Type 316 solids were unchanged, Type 304 solids narrowed downward by a penny, and 304 turning tightened by 1-2 cents/lb. Type 430 solids, Type 409 solids and Type 409 turnings were unchanged for the week, while Type 430 turnings widened downward 2 cents/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.