Stainless scrap and nickel prices turned lower this week reacting to anticipated affects the Coronavirus may have on China’s economy this year. The London Metal Exchange (LME) cash nickel contract closed the January 28 session down nearly 7-1/2 percent from a week earlier and nearly 14-1/2 percent lower from a month ago.
Austenitic (300 series) and Ferritic (400 series) prices were split during the week, with 400 series faring better despite an overall weaker market. Type 316 solids and clips were lower by 1-2 cents/lb, Type 304 solids and clips shed 2 cents/lb, and Type 304 turnings dropped 2-4 cents/lb for the week. Type 430 solids and turnings along with Type 409 turnings tightened upward by a penny, and Type 409 solids prices remained unchanged for the week.
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.