The stainless steel scrap market in the United States remains depressed, with prices taking another step downward in the week to Tuesday May 7 while market participants indicated very little optimism for the near future.
The general market sentiment has been one of caution and concern, due to scrap prices - both for dealers and for brokers/processors - moving down considerably this week. Consumer demand also has softened, indicating further weakness in the market and driving steep price declines, sources told Fastmarkets AMM."We have heard reports that mill demand for May stainless scrap has decreased substantially. And with a consistently weak trend in the London Metal Exchange nickel levels over the past few weeks, prices have retreated quickly," one US scrap dealer said.A major processor source also reported lower demand, noting that...