US Stainless steel scrap prices gain as Nickel touch 14-month high

WASHINGTON (Scrap Monster): As per trade sources, the prices of US Stainless steel scrap continued to rise last week amid surging Nickel prices. The LME Nickel prices had touched 14-month high of $18,525 during trade on Wednesday.

Last week, the prices of Type 316 solids quoted in the range $2,330 ~ $2,375 per ton. This is higher when compared with the prices which remained in the range $2,260 ~ $2,350 per ton during the prior week. Similarly, Type 304 solids also witnessed a rise from $1,790 ~ $1,835 per ton to $1,835 ~ $1,850 per ton during last week.

Strong consumer demand is believed to be the main reason behind the hike in stainless steel scrap prices. The Indonesian ore export ban has also contributed to the rise in prices, sources said. The shortage of supply from Russia following the geo political tensions between Russia and Ukraine too played a significant role.

However, the mills may not lift the prices further as processors may find it difficult to buy scrap at high levels. They may prefer to hold buying rather than operating on very thin to negative margins.