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Momentum missing from stainless scrap market

Global – Following the exchange rate shift to US$ 1.10 to the Euro, the value of 304 stainless steel scrap has climbed from US$ 890-940 per tonne in mid-January to US$ 920-970. However, 316 prices remain unchanged at US$ 1200-1250 per tonne because of low demand for molybdenum-containing qualities.

Despite further weakness in steel scrap prices, chrome scrap has also benefited from the stronger Euro to reach US$ 220-260 per tonne for the 409 grade and US$ 310-350 for 430 material.

Nickel had fallen as low as US$ 7550 per tonne in recent weeks before mounting a recovery to stabilise at US$ 8500-8700. According to figures from the International Nickel Study Group, the surplus of primary production to usage totalled 80 400 tonnes last year while nickel stocks in LME warehouses still amount to more than 430 000 tonnes.

*The full version of Recycling International’s latest nickel & stainless steel market analysis will appear in its March 2016 issue.

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