Global – Heading into the final quarter, incoming order volumes remain largely unsatisfactory for stainless steel mills and demand for scrap is expected to remain low for the remainder of the year.
After having ended August at US$ 1680-1730 per tonne, the price range for the 304 quality tumbled to US$ 1410-1460 a month later while the 316 grade retreated to US$ 2040-2090 from US$ 2310-2360. Following a further decline in charge chrome prices, 409 quality scrap edged down from US$ 360-400 to US$ 350-390 per tonne while 430 material dipped from US$ 460-500 to US$ 450-490.
Downward pressure has been applied by nickel prices failing to hang on to earlier support above US$ 17 000 per tonne. According to latest statistics from the International Nickel Study Group, the metal’s global surplus amounted to more than 10 000 tonnes in the first seven months of 2014.
The full version of Recycling International’s latest nickel and stainless steel market analysis will appear in its October 2014 issue.
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