The stainless steel scrap market in the United States is largely at a standstill for now while the London Metal Exchange cash nickel price continues to lose ground, having retreated to the mid-$8-per-lb range.
"LME nickel is significantly off its recent highs [of] over $9 per lb, and if demand weren't still strong I think scrap prices would be even lower," one scrap dealer source said, noting that he expects "scrap prices to pull back [even further]... if the LME continues its downward path and the iron market disappoints in October."The nickel-bearing 300-series stainless scrap price ranges tightened this week due to the softening in the primary metal price.Fastmarkets assessed the stainless steel scrap 316 solids, clips, broker buying price, delivered to processor Pittsburgh at $1.18-1.20...