Coronavirus, nickel price drop drive US stainless scrap prices lower

Stainless steel scrap prices have fallen even further in the wake of the novel coronavirus spread in the United States, which has created additional problems for an already weak marketplace, sources told Fastmarkets.

Scrap recycling facilities have been classified as essential businesses, but many are closing retail operations while maintaining services to industrial accounts.
"Industrial scrap continues to flow well, but the peddler side is definitely slowing down considerably and many yards are now closing their peddler side of the business to protect themselves from Covid-19," one dealer said.
"It is a moving picture. We are open for now, prices dropping, and inbound [scrap product inflow] is okay as I guess people are rushing to beat potential lockdowns," one processor said.

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