The stainless steel scrap market in the United States has cooled off since the London Metal Exchange nickel price retreated after hitting the $7-per-lb mark.
"Stainless steel scrap prices have rediscovered gravity," one processor, who referred to current price levels as "Newtonian," said.
"A breath of sanity has reappeared in this week's pricing," the processor continued. And while demand has been okay, the major problem for consumers is that "there is no depth to the order books," he added.
In addition to the demand situation, the supply side is not as strong as many have indicated in the past.
"Scrap supply is not robust, and demand from the mills remains consistent," one dealer said.
Fastmarkets assessed...