Stainless steel scrap prices in the United States have weakened after the London Metal Exchange cash nickel price fell below the $6-per-lb mark.
"Speculation that China's economic growth will suffer significantly because of the virus outbreak has taken a toll on base metal prices, and nickel has not been immune [to the fall]," one major dealer source said, adding that "prices have reversed quickly over the past 48 hours as market pessimism builds."All the major scrap processors reacted to the decline in the LME...