U.S. stainless scrap along with other scrap metal markets are continuing their hot streak into the summer months. Demand for stainless scrap remains strong and scrap prices for all tags have jumped significantly higher, supported by nickel prices on the London Metal Exchange (LME) and stainless-related ferrous tags in an equally searing market.
The LME cash nickel contract closed the July 6 session up nearly 5% the past two weeks, maintaining the contract’s strong rise of more than 40% from a year ago. Domestically, Type 300 and 400 stainless prices rose significantly the past week. Type 316 and 304 solids and clips were up 3-4%, while Type 340 turnings jumped more than 5%. Type 430 and 409 bundles and solids were up nearly 6%, while Type 409 turnings jumped more than 9%.
Domestic trading for stainless-related ferrous scrap kicks off this week. Check our website soon for updated market news and pricing.
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.