Prices for 300-series stainless scrap grades in the United States have continued to fall in the wake of a collapse in the nickel cash price on the London Metal Exchange early this month.
The LME's nickel cash contract has dropped by 18.07% since hitting a more than six-year high of $19,689 per tonne ($8.93 per lb) on February 22. The price stood at $16,131 per tonne ($7.32 per lb) as of the official close on Tuesday March 16, up by 1.41% from $15,907 per tonne ($7.22 per lb) one week earlier but down by 13.53% from $18,655 per tonne ($8.46 per lb) at the start of the month."There is definitely a clear pullback in 300-grade pricing after the recent collapse in LME nickel," one dealer said."This market still has more room to come down to more reasonable levels," according to one processor, who noted...