Recently across the globe, there has been an increase in stainless steel scrap prices over recent weeks. The range for the 304 quality has climbed to US$ 1300-1350 per ton while 316 material has advanced to US$ 1780-1830. Chrome scrap prices are broadly unchanged at US$ 300-340 and US$ 400-440 per ton for, respectively, 409 and 430 material.
The strained scrap situation is reflected in the fact that the discount for the nickel content from the LME quotation has shrunk from 28 percent to 16 percent over the course of two months. Traders are suffering from very low or even non-existent profit margins at a time when business would normally be a lot brighter.