Stainless steel scrap prices in the United States dropped this week due to weakening demand amid the Covid-19 pandemic and the beginning of the seasonal summer slowdown.
"We are starting to see a slowdown as we head into the summer months, so we have backed off pricing," one major processor said.Most market respondents agreed that demand has fallen off, causing a loosening of the tight supply chain in spite of a slightly better nickel market."Nickel is up some, but I am hearing mill demand is really falling off - and as a result prices are down on 304 and 316 stainless grades," one dealer said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to processor Pittsburgh at 60-62 cents per lb ($1,344-1,389 per gross...