Global – Traders have been complaining of particularly dull business conditions of late, with an absence of demand from mills helping to trim stainless steel scrap prices.
In Recycling International’s latest nickel and stainless steel analysis, it is reported that the 304 quality witnessed a decline from US$ 1800-1850 per tonne in early June to US$ 1750-1800 in late July, while the 316 grade saw its price range slide from US$ 2400-2450 to US$ 2350-2400 over the same period.
Meanwhile, chrome scrap has been trading at the slightly lower levels of US$ 400-440 per tonne for 409 material and US$ 490-530 for the 430 quality. Comparing the first two months of this year with the same period in 2013, EU-28 imports of stainless steel scrap fell 5.2% to 454 300 tonnes, according to Heinz H. Pariser Alloy Metals and Steel Market Research of Germany.
And latest statistics from the International Nickel Study Group reveal a surplus for the metal of 14 800 tonnes in the first five months of 2014 while stocks in LME warehouses set a new record in July of more than 310 000 tonnes, thus suggesting that a shortage of nickel can be ruled out for the moment.
*The full version of Recycling International’s latest nickel and stainless steel market analysis will appear in its August 2014 issue.