Austenitic alloy steel scrap prices in Europe and the United Kingdom weakened this week because of further falls in nickel prices, sources told Fastmarkets MB.
The three-month official nickel price on the London Metal Exchange was $11,900/11,925 per tonne on Friday May 10, down from $13,180/13,200 per tonne a month earlier. This drop of 10% over the preceding month was not initially tracked by austenitic scrap prices because of good demand from alloy scrap from mills. But demand in...