The 300-series stainless steel scrap prices in the United States increased week on week while nickel values have trended closer to the $9-per-lb level.
"There is a significant nickel shortage all over the world, and at least one producer is sold out for the balance of the year with more shortages on the horizon," one market source said.Scrap dealers and processors have tried to hold their buying prices in order to secure some profitability, sources said. When nickel values jump like they have in recent days, however, dealers and processors have no choice but to raise buying prices."With London Metal Exchange cash nickel prices taking off like a rocket and busting through the $9-per-lb mark last week, scrap prices had nowhere to go but up," one dealer said.Fastmarkets assessed the stainless steel scrap...