Austenitic steel scrap prices in Europe and UK may have found the market floor after a month of substantial decreases, while chrome steel scrap prices have fallen sharply on weak demand and low ferrous costs, Fastmarkets heard on Friday October 11.
"I think [austenitic] prices have found a new level after the significant drops we have had in the past month," one scrap trader said. "Material has started to move again, not in major quantities, but I think sellers have realiszed that this is the new level where they need to deal."Fastmarkets' weekly price assessment for stainless steel scrap 18/8 solids, domestic, delivered merchants UK, was ?780-820 ($960-1,009) per tonne on Friday, unchanged week on week.Prior to this, however, the...