Several factors helped domestic stainless scrap prices bump higher this week, despite only modest demand and pressure from lower ferrous prices. The London Metal Exchange (LME) cash nickel contract closed the July 16 session nearly 11% higher from a week earlier, which is the contract’s best close since July 2018. The higher stainless prices arrived somewhat unexpectedly leaving some market participants upbeat, yet skeptical on long-term sustainability.
Austenitic (300 series) and Ferritic (400 series) stainless scrap prices in the U.S. were mixed for the week. Type 316 solids were up 3 cents/lb for the week. Type 304 solids jumped 4-5 cents/lb and Type 304 turnings rocketed higher by 5-6 cents/lb. Type 430 solids widened upward by a penny for the week, while Type 430 turnings, Type 409 solids and Type 409 turnings were all sideways.
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.