The UK inter-merchant price range for austenitic alloy steel scrap widened upwards by ?20 per tonne over the week, with sterling weakening and the price of nickel stabilizing, sources said on Friday May 4.
Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?950-1,000 ($1,290-1,358) per tonne delivered on Friday, compared with ?950-980 per tonne on April 27. The assessment rose as some material was bought at ?1,000 per tonne.Scrap prices have been supported by the weakening of sterling against the US dollar, sources said.The official exchange rate was ?1 to $1.3584 on May 4, down from ?1 to $1.3829 on April 27, according to Oanda.com.The LME three-month official nickel bid/offer spread was $13,875/13,890 per tonne...