Austenitic alloy steel scrap prices increased over the week to Friday July 19 following a spike in the price of nickel, sources told Fastmarkets.
The London Metal Exchange three-month nickel price increased strongly throughout the week, although by Friday it had begun to retreat again. Scrap traders were conscious that the price increase was unlikely to sustain and so were buying cautiously because they were wary that nickel prices could drop again before they have sold the material...