The UK inter-merchant price range for austenitic alloy steel scrap fell by ?40-60 per tonne this week as both the US dollar and nickel prices weakened, sources said on Friday January 19.
Metal Bulletin's weekly price assessment for inter-merchant 18/8 scrap solids in the UK was ?900-940 ($1,247-1,302) per tonne delivered on Friday, compared with ?960-980 per tonne on January 12.The London Metal Exchange three-month official nickel bid/offer spread was $12,605/12,610 per tonne on January 19, down week-on-week from $12,685/12,690 per tonne on January 12. The price had earlier fallen to a three-week low of $12,460/12,470 per tonne on January 17."The price has fallen on the weaker nickel price, but supply continues to come in while sellers are still making a profit at this price," one UK trader said.Other market participants disagreed, however."Supply is starting to tighten...