Prices for 300-series stainless steel scrap continued to climb week on week in the United States, even as the impact of the Covid-19 pandemic has continued to hobble the economy.
While the 400-series stainless scrap grades mostly moved sideways in reaction to the ferrous market, the 300-series stainless scrap grades continued to move up, supported by nickel's upward momentum."With the London Metal Exchange showing great resiliency due to nickel supply concerns from the Philippines combined with stable demand from the mills, prices for the 300 grades continue taking baby steps in the upward direction," one dealer said.For the second month in a row, the nickel cash contract on the LME has averaged more than $6 per lb ($13,228 per tonne)....