The stainless steel scrap market in the United States resumed its downward trek this week due to lower nickel prices, a weakening chrome market and slack demand, although the latter seems to have stabilized at least for now, sources said.
"We continue to be as conservative as possible with our buying prices because we have no confidence in the direction prices are heading," one domestic dealer source said."With nickel continuing to stumble, we are at lower prices today," a major processor said.Fastmarkets assessed the 316 solids, clips, broker buying price, delivered to processor at 67-68 cents per lb ($1,501-1,523 per gross ton) on Tuesday November 12, down from 70-72 cents per lb a week earlier. The broker buying price for 304 solids, clips fell by 2 cents to 43-45 cents per lb on Tuesday from...