U.S. stainless scrap prices ticked higher this week after mostly holding steady the past month on overseas demand. The general market remains sluggish and participants are cautious heading into year-end.
Nickel prices were generally flat for the week pushing stainless prices into tighter ranges. The cash nickel contract on the London Metal Exchange (LME) closed down 1% on November 6 from a week earlier, and dropped further during the November 7 session.
Austenitic (300 series) stainless scrap prices were slightly higher for the week with 316 stainless solids narrowing higher by 2 cents and other tags trading up by a penny. Ferritic (400 series) stainless scrap prices were mixed for the week with 430 turnings narrowing downward by 2 cents, 430 turnings dropping a penny, 409 solids trading sideways and 409 turnings gaining a penny.
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.