Prices for 300-series stainless scrap grades in the United States have weakened considerably following a downturn in the domestic ferrous scrap trade, falling nickel values on the London Metal Exchange and some consuming stainless mills buying smaller tonnages.
"We dropped pricing sharply due to indications of limited demand in September and nickel falling," one major processor said."As I've previously said, the fundamentals and demand appear to be very strong - but the wild card is nickel, which took a big hit today," one major dealer said on Tuesday August 10.Fastmarkets assessed the stainless steel scrap 316 solids, clips, broker buying price, delivered to processor Pittsburgh at $1.15-1.17 per lb ($2,576-2,621 per gross ton) on August 10, narrowing down by 3 cents from $1.15-1.20 per...