U.S. stainless scrap prices ticked higher last week mostly on short supply and reduced flow, but also on worldwide concerns surrounding the Coronavirus, tariffs and container shortages. The London Metal Exchange (LME) cash nickel contract closed marginally higher for the week on March 3, noting the benchmark index is down nearly 13% since the end of 2019.
Austenitic (300 series) and Ferritic (400 series) prices were mostly higher during the week. Type 316 solids and clips gained by 1-2 cents/lb, Type 304 solids and clips rose 2-3 cents/lb, and Type 304 turnings were up 2 cents/lb for the week. Type 430 solids gained a penny overall, while Type 409 turnings gained a penny on the low end, and Type 430 turnings and Type 409 solids held steady 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.