Global – The stainless steel market appears to be closing off the year in better shape after a difficult start to the fourth quarter. Nickel prices have halted their decline and stainless steel mills have witnessed improved order files, providing traders with an incentive to restock and thus leading to some higher prices.
As for stainless steel scrap values, the 304 quality jumped from US$ 1280-1330 per tonne in early November to US$ 1400-1450 a month later while 316 values have remained locked in the same range of US$ 1890-1940. Chrome scrap prices are also unchanged at US$ 300-340 per tonne for 409 material and US$ 400-440 for the 430 grade, reports Recycling International in its latest nickel and stainless steel market review.
Nickel has rallied despite LME stocks reaching 400 000 tonnes – an incredible all-time high. Latest figures from the International Nickel Study Group show a global surplus for the metal of 33 000 tonnes in the year to the end of October.
The full version of Recycling International’s latest nickel and stainless steel market analysis will appear in its December 2014 issue.
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