Stainless scrap prices continue to inch higher in US

Stainless steel scrap prices in the United States have continued to post slight gains, but the uptrend has begun to show signs of slowing down.

“Pittsburgh processors are sort of holding back on going higher [with prices], but I know higher is out there,” one dealer said, adding that “immediate future demand is hot” and he thinks supply is not going to keep up. As of Tuesday July 20, the London Metal Exchange’s nickel cash contract has averaged $8.40 per lb, up by 26 cents from the June average of $8.14 per lb, and consumers are reevaluating nickel discounts because the tightness in stainless steel scrap supply continues to be a catalyst for higher prices. “I think the mills finally realize that the nickel unit discounts they have been imposing on the processors need to be trimmed to boost buying prices further,” a second...

Published

James Lawrence

July 21, 2021

19:13 GMT

Pittsburgh