For the second week running, European austenitic alloy steel scrap prices were largely unchanged when the effects of higher nickel prices were cancelled out by very low demand, sources told Fastmarkets on Friday June 28.
"[Weak] demand is winning against nickel [prices] at the moment," a UK trader said, observing that demand is so low it has overtaken nickel prices as the primary driver of austenitic scrap prices. It is normal to see a slight downturn in demand during the second half of June when stainless steel mills prepare for the quiet months of July and August,...