Prices for 400 series stainless scrap in the United States were mostly steady week on week, but the 300-series prices have continued to creep upward while demand remains sluggish and supply continues to be tight.
Consumer prices for both 400-series and 300-series stainless scrap were sideways in June. Market participants indicated that demand continues to be off from normal levels, and sources reported an estimated 50-60% drop in sales."Even though we are starting to get our rhythm back from this Covid-19 virus pandemic, we still find the market very murky," one processor said."Despite stronger London Metal Exchange nickel prices and continued sluggish scrap supply, stainless steel scrap prices have appeared to reach a plateau. Unless LME nickel can continue its run, the prospects for continued scrap price increases are slim," one dealer said.Fastmarkets assessed the the 316 solids, clips, broker buying price, delivered to processor Pittsburgh at 66-68 cents per lb ($1,478-1,523 per gross ton)...