The 300-series stainless steel scrap prices in the United States continued to rise this week on the heels of the London Metal Exchange cash nickel price climbing well over the $9-per-lb mark.
The big question, according to many processors and dealers, is: "Just where is this market really going?"While volatility in the nickel contract has been the main driver of recent scrap price moves, scarcity of that metal is the real culprit driving prices higher, sources said, noting that the competition to buy material is intense."Material is short, and we are all competing for market share," one major processor said."LME cash nickel is back over $9 per lb, chrome values are strong, iron prices are showing strength again, and stainless scrap demand continues to be robust," one dealer said.Fastmarkets assessed the stainless steel scrap 316 solids, clips, broker buying price, delivered to processor Pittsburgh at $1.20-1.26 per lb...