Stainless steel scrap prices in the United States stumbled in the week to Tuesday March 10 as the spread of the novel coronavirus (2019-nCoV) has accelerated, affecting many economic communities throughout the world.
"The spread of the coronavirus has now infected the stainless steel scrap market," one stainless scrap dealer said. Scrap dealers and processors have been quoting and buying materials, but are still anxious to see what the fallout of the virus is going to be and how it will affect their business."The instability and uncertainty are now at levels I have never experienced, and prices have adjusted downward in response," the dealer said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to processor Pittsburgh at 72-73 cents per lb ($1,613-1,635 per gross ton) on March 10, up by a penny on the low end but down by a penny on...