The effect of a sharp uptick in nickel values on alloy steel scrap prices this week was muted by ongoing poor demand, sources told Fastmarkets on Friday January 11.
Being a key component of stainless steel, nickel prices exert considerable influence over the price of alloy steel scrap, with price movements in the former usually being reflected in a the latter in the same week. On Friday, the three-month official bid/offer spread for nickel on the London Metal Exchange closed at $11,430/11,435 per tonne,...