After rising last week, stainless steel scrap prices in the United States have hit a wall even as the nickel cash contract on the London Metal Exchange climbed above $13,230 per tonne ($6 per lb) for the first time since late January.
The typical summer slump has started, and steel mill operations have continued at a slow pace while stainless scrap flows remain limited. At the same time, market participants cited additional uncertainty related to the US presidential election and surging cases of Covid-19 in certain parts of the country. "There is no good news on the iron and steel front. I haven't had an order from a [steel] mill since March," one dealer said."We expect production and ferrous pricing to drop in July. We will maintain our existing prices...