Lower nickel prices on the London Metal Exchange (LME) coupled with anticipated lower chrome prices in the New Year are setting up a soft year-end for stainless scrap prices in 2017. While cash nickel contracts on the LME were up 5.9% November versus October, they were already down 12.5% in early December from a month ago.
Consumers are only buying what they need to finish the year at this point, sensing a balanced supply and demand in January will start the New Year with weaker stainless prices as they mirror nickel contracts on the LME.
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.