Austenitic steel scrap prices in the UK and Europe increased in the week ended Friday April 5, with mills agreeing to increase what they will pay for the nickel component in the material, traders have told Fastmarkets.
When mills purchase austenitic steel scrap, the nickel component of that scrap is priced as a percentage of the London Metal Exchange nickel price. While sources routinely decline to reveal exact percentages, in the fourth quarter of 2018 many traders complained that these had decreased from traditional levels of the low 80s to the low 70s.One trader said that in January the...