Austenitic steel scrap prices in the UK decreased this week on the back of persistently poor demand and a negative outlook for early 2019, with lower nickel prices also a factor.
Demand has been poor since October, when a substantial fall in the stainless steel market resulted in more cautious scrap purchasing from stainless mills. Scrap prices have gradually eased off during this time, although much of this was driven by nickel price movements rather than fundamentals. Scrap traders have commented this week on how inventories are beginning to build up and how they do not want to be caught...