US stainless scrap prices rise further

Stainless steel scrap prices in the United States rose again over the past week amid big gains in the ferrous market and while nickel prices have continued to hover just above the $8-per-lb ($17,640-per-tonne) threshold.

“We can thank the iron market for the latest stainless price increase, especially since the London Metal Exchange nickel continues to struggle to move further to the upside,” one dealer said.
While nickel prices have struggled to maintain a steady uptrend, the LME nickel cash price has averaged $17,933.33 per tonne ($8.13 per lb) thus far this month, compared with $17,605.74 per tonne ($7.99 per lb) in May.

At the same time, market participants indicated that the continued tight supply of stainless scrap and nickel alloys has been keeping prices higher than many processors would like. Currently, demand at the consumers is very good, putting additional pressure on supply and stainless steel...

Published

James Lawrence

June 09, 2021

20:57 GMT

Pittsburgh