Global – The early days of 2015 have brought disappointment for stainless steel scrap traders who had been banking on a positive start to the year.
The price range for the 304 quality has dropped from the US$ 1400-1450 per tonne noted in our early-December report to US$ 1250-1300 while 316 values have declined from US$ 1890-1940 to US$ 1750-1800 over the same period. By the same comparison, 409 and 430 chrome scrap prices have edged higher to, respectively, US$ 320-360 and US$ 410-450 per tonne.
The nickel price has come under renewed pressure from a strengthening US dollar, negative news surrounding the Chinese economy and more than ample supply of the metal. According to Heinz H. Pariser Alloy Metals and Steel Market Research of Germany, EU-28 imports of stainless steel scrap from third countries remained virtually unchanged in the first three quarters of 2014 when compared to the corresponding period in 2013, the total of 377 236 tonnes representing a decline of just 0.5%.
Meanwhile, exports to third countries dropped by 3.9% to 267 350 tonnes when making the same comparison.
The full version of Recycling International’s latest nickel and stainless steel market analysis will appear in its January/February 2015 issue.