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Higher prices lift stainless market spirits

Global – A combination of factors has produced significant gains in stainless steel scrap prices since Recycling International’€™s previous report at the start of August, with 304 material climbing from US$ 1200-1250 to US$ 1300-1350 per tonne and the 316 quality from US$ 1600-1650 to US$ 1660-1710. There was also upward mobility for chrome scrap as the 409 grade advanced from US$ 310-350 to US$ 330-370 per tonne while 430 material has swapped US$ 380-420 for US$ 420-460.

Optimism in the marketplace has been boosted by an improvement in all alloying metal prices.

Higher nickel values, firmer steel scrap and expectations of an increase in chrome prices in the coming quarter have provided support for increases among all stainless steel scrap qualities. In recent weeks, nickel leapt as high as US$ 12 000 per tonne before settling a few hundred dollars lower.

A rebound in stainless steel demand in China and tightening nickel supply from the Philippines have been key bull factors. However, reports of rising Indonesian nickel ore exports to China have subsequently tempered the metal’s quotation.  

The full version of Recycling International’s latest Nickel & Stainless report will appear in its 6/2017 issue.

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