The US stainless steel scrap market is in a state of flux as market participants try to digest nickel's recent rally.
The LME's cash nickel contract closed the official session at $17,910 per tonne ($8.12 per lb) on Wednesday September 4, up 11.8% from $16,025 per tonne ($7.27 per lb) a week ago.
The contract jumped sharply, by $2,280 per tonne ($1.03 per lb), between Thursday August 29 and Monday September 2, when it closed at $18,625 per tonne ($8.45 per lb), before settling at current levels.
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