Stainless steel scrap prices in the United States remain firm but the market could be facing tough times ahead with nickel dropping, chrome getting weaker and the iron market in a downward trend.
"I think dealers have accepted the fact that prices will probably be stuck at current levels for a while and have adjusted buying prices accordingly to maintain margins," one scrap dealer said, also indicating that uncertainty in the August iron market could precipitate further price decreases.American Metal Market's assessment of broker/processor buying prices in Pittsburgh showed Type 316 stainless scrap solids down by 2 cents per lb on the low end of the range to 83-88 cents per lb ($1,859-1,971 per gross ton) on Tuesday July 31. Type 304 stainless scrap solids remained at 60-63 cents per lb and Type 304 stainless turnings were steady at...