Stainless steel scrap prices in the United States diverged this week, with the 300-series grades inching higher - supported by rising nickel prices - while the 400-series grades lost ground.
"I would call this market stable. Supply and demand appear to be in balance, and the London Metal Exchange is supporting pricing for the 300 stainless grades despite the mills operating at less than stellar capacity," one dealer source said.The LME's nickel cash contract has averaged $14,119.43 per tonne ($6.40 per lb) for the month through Tuesday August 11, up by 35 cents (5.8%) from an average $13,341.35 per tonne ($6.05 per lb) in July.Fastmarkets assessed the stainless steel scrap 316 solids, clips, broker buying price, delivered to processor Pittsburgh at 71-72 cents per lb ($1,590-1,613 per gross ton) on August 11, up from 70-71 cents per lb previously.The assessment of the broker buying price for 304 solids, clips delivered to processor Pittsburgh remained at 50-52...