Stainless steel scrap 304 prices hit a wall on Tuesday September 21, due to the London Metal Exchange cash nickel price plummeting 52 cents per lb since September 17 when it was $9.10 per lb.
"Quite a drop [in the LME cash nickel price], and market prices for stainless steel scrap are already too high relative to mill pricing, so we are pulling back," one processor said.Stainless processors are already buying for October and November, with many taking a "wait and see" approach due to the volatile nickel market."I need to get a good handle on pricing but with nickel so unstable, I think folks are hesitating [on buying and selling]," one dealer said.Stainless prices were firm to slightly down, while processors continue to try and maintain price levels that provide profitability.Fastmarkets assessed the stainless steel scrap 316 solids,...