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US stainless scrap prices follow LME nickel higher

April 16, 2014 - 11:10 GMT Location: New York

KEYWORDS: London Metal Exchange , LME , nickel

US stainless steel scrap prices have continued to rise on strengthening nickel on the London Metal Exchange, with market participants noting strong demand for material but bemoaning tightening margins and potentially steeper discounts.

Metal Bulletin sister title AMM’s broker/processor buying prices increased across the austenitic grades on Monday April 14, with Type 316 solids up an average of 2.9% from last week at $2,260-2,305 per gross ton, 304 solids increasing 6.5% to $1,790-1,835 per ton and 304 turnings gaining 5% at $1,615-1,635 per ton. LME nickel prices reached a 14-month high this week, having soared since the start of Indonesia’s nickel ore export ban in January. The three-month contract closed the official session...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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