The London Metal Exchange cash contract dropped to $16,144 per tonne ($7.32 per lb) on March 4 and has since averaged $7.22 per lb through Tuesday May 4. That day, cash nickel hit $17,861 per tonne ($8.10 per lb).
“Nickel has a bit of strength to it again, but I think the mills want to trim intrinsic numbers, so all in all, prices are about the same,” said one major processor.
“I think most processors are very cautious currently, which has subdued pricing,” said a second processor.
Fastmarkets assessed the stainless steel scrap 316 solids, clips, broker buying price, delivered to processor Pittsburgh at 94-96 cents per lb ($2,106-2,150...