Consumer stainless scrap buying prices in the United States tumbled further this month, reflecting a depressed market with mills increasing discounts on nickel in the face of high inventories and softening demand.
"Nickel discounts are worsening every month," one major domestic processor said, referring to the nickel discounts established by mills in their monthly scrap purchases. That discount sets the intrinsic value for the nickel in scrap, calculated against the previous month's London Metal Exchange average cash nickel price."Squeezing margins are a major concern at both the scrap processor and...