Stainless steel scrap dealers and processors have little optimism that the market in the United States will strengthen any time soon after prices weakened again this week despite an uptick in nickel pricing after exchange stocks dropped by more than 39,000 tonnes.
"It is very frustrating to see London Metal Exchange nickel prices remain strong around the $8-per-lb mark and watch stainless steel scrap prices continue to drift lower," one domestic dealer source said."The disheartening thing is there is no relief in sight for the rest of 2019," a second US dealer said.Major processors agreed that demand could be better and would help the current market.The market has been further complicated by dealers and processors trying to limit inventories, causing a slowdown in overall scrap movement that has restricted demand and lowered prices.Many processors have started buying for January deliveries but are very cautious about pricing due to the market's downward spiral.Fastmarkets' assessment of the 300-series grades in Pittsburgh showed the stainless steel scrap 316 solids,...