While 300-series stainless scrap prices in the United States continued to inch higher on strong nickel prices, a correction in the domestic ferrous scrap market has limited growth for 400-series prices, and participants indicated the stainless scrap market could be nearing a peak.
"The market for stainless scrap in the USA is overblown. The largest processors have seemingly been in a battle for market share, which has pushed prices way past any sensible level based on the intrinsic prices the [consumer] mills are paying," one major processor said."The mills do not like it... It can't go on for much longer or everyone will lose a lot of money," that processor continued. "Prices could well fall 5-7 cents per lb - even were nickel to remain flat - if the processors reverted to normal prices where they can make money."Fastmarkets...