Stainless steel scrap prices in the United States have continued to soften as inventories grow amid lackluster demand at the consuming stainless steel mills.
"There is no need to push stainless prices with the uncertainty in the stainless scrap markets today and in the short-term future," one major processor said. "It's not like it used to be where prices could be calculated. Today, it's more about the market in relation to demand and supply than intrinsic values," he added.Right now the driving force behind prices has been a lack of demand, a surplus of inventory and a collapsing ferrous market. The major processor indicated that even if the nickel price went to $9.00 per lb, it would have little influence on stainless scrap prices in light of those pressures."We are cautious...