U.S. stainless scrap prices were mostly sideways last week even as benchmark nickel prices temporarily reversed to move higher on the London Metal Exchange (LME). The LME cash nickel contract closed the May 18 session up 1% from a week earlier before falling back 4.5% by the close of the Friday, May 20 session. Overall, the LME cash nickel contract is up 40% from a year ago.
Austenitic (300 series) and Ferritic (400 series) prices were sideways to slightly lower during the week. Type 316 solids and clips were unchanged, Type 304 solids and clips narrowed downward by 1 cent/lb and Type 304 turnings narrowed downward by 2 cents/lb for the week. Type 430 bundles and solids tightened upward by 1 cent/lb, Type 409 bundles and solids narrowed upward by 1 cent/lb and Type 409 turnings were unchanged for the week.
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, Abby Frank or Gary Kamp with any questions about current market conditions.