The global stainless steel market is being negatively impacted from a lack of momentum. Constantly rising primary nickel stocks on the London Metal exchange (LME) have undermined sentiment and maintain the pressure on values in the stainless steel scrap sector.
The Recycling International’s mid-January report detailed the 304 quality of stainless steel scrap was attracting US $1250-1300 and 316 material USED 1750-1800 per tonne and these ranges have edged higher over the intervening five weeks to USD $1275-1325 and $1760-1810.
The recent slide in steel scrap prices has triggered a declined in most chrome scrap values. The International Nickel Study Group has reported an unexpectedly high surplus for the metal in 2014 of 94, 300 tons, which has made some consumers cautious.