Global – Although stainless steel scrap prices have firmed since Recycling International’s late-October report, uncertainty is continuing to overhang the market with regard to the approaching year-end.
Traders do not want to sell too early in a rising nickel market while consumers are looking to their inventory levels and incoming orders for the remainder of the year.
The price range for 304 scrap has climbed from US$ 1090-1140 per tonne to US$ 1140-1190 while 316 material has seen an increase from US$ 1390-1440 to US$ 1470-1520.
Chrome scrap prices are being influenced by stronger steel scrap values: the price bracket for 409 scrap has advanced from US$ 210-250 per tonne in late October to US$ 260-300 while the 430 quality has climbed from US$ 300-340 to US$ 340-380.
In November, nickel prices surged close to US$ 12 000 per tonne but are currently in the range of US$ 11 000 to US$ 11 500. The International Nickel Study Group (INSG) has reported a nickel deficit of 52 600 tonnes for the first three quarters of this year compared to a surplus of 74 800 tonnes in the opening nine months of 2015.
The INSG is predicting a nickel deficit of some 66 000 tonnes for the whole of 2017.
The full version of Recycling International’s latest Nickel & Stainless report will appear in its December issue.
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