U.S. stainless scrap prices have trended lower the past few months after a small bump earlier in the year. This week stainless scrap prices contracted further, largely on weaker fundamentals, leaving market participants with a less than optimistic outlook for the near-term. The London Metal Exchange (LME) cash nickel contract closed its May 7 session down 2.5% from a week earlier, and more than 10% off its March 2019 highs.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were mostly lower for the week. Type 316 solids widened downward by 5 cents/lb, Type 304 solids dropped 3 cents/lb and Type 304 turnings shed 2 cents/lb. Type 430 solids and Type 409 turnings each narrowed by a penny on the high side, while Type 430 turnings and Type 409 solids 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.