U.S. stainless scrap prices slipped early in the week on some weakening of domestic ferrous scrap prices and lower supporting nickel prices on the London Metal Exchange (LME). The underlying market fundamentals continue to appear strong for stainless, however, with nickel prices recovering on the LME later in the week.
The LME cash nickel contract closed the Friday, August 13 session up slightly higher for the week, and more than 4-1/2% and 39% from a month and year ago respectively.
Domestically, Type 300 and 400 stainless prices were mostly lower early in the week. Type 304 solids and clips were off 3-6%, Type 304 turnings shed 7%, and Type 316 solids and clips narrowed on the high end by 3%. Type 430 bundles and solids also narrowed on the high end by 3%, while Type 430 turnings narrowed at both ends of the range and Type 409 turnings narrowed by 4% on the high end. Type 409 bundles and solids traded sideways.
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.