U.S. stainless scrap prices are holding steady for now although participants expect the general weakness in the market to extend into 2019. Demand for stainless scrap and chrome has remained slow-moving and there is particular concern that chrome is already set up for lower prices in the New Year.
The cash nickel contract on the London Metal Exchange (LME) was down 4.7% on December 11 from a week earlier, and down nearly 9% from a month ago. Austenitic (300 series) stainless scrap prices were mixed for the week with Type 316 and 304 solids trending sideways and Type 304 turnings widening lower by 2 cents. Ferritic (400 series) stainless scrap prices were flat 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.