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UK stainless scrap prices steady as nickel fails to make lasting gains

August 03, 2011 - 17:06 GMT Location: London

Stainless steel 18/8-grade solid scrap prices in the UK domestic market were unchanged this week at £1,300-1,350 per tonne ($2,131-2,213). Market participants had expected prices to rise but these hopes were dashed, as the price of nickel varied by up to $600 per tonne in early-week LME trading

Deals were concluded earlier in the week at £1,375 per tonne on the back of the nickel surge, but this price was not likely to return as nickel has since fallen, he added.

“On Monday nickel went above $25,000 per tonne, and so prices for stainless scrap were edging upwards to the £1,350/400 per tonne mark, but it collapsed Tuesday and so now we’re back in the £1,350/400 range [for stainless 18/8 scrap],” a third source said.

Nickel will...

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