The United States’ stainless steel scrap market took cues from nickel prices this week, with the 300-series grades posting big reductions after the London Metal Exchange cash nickel contract fell by 48.2 cents per lb compared with the previous week. “We are short on demand and long on inventory,” one major processor said, adding that there is very little optimism for a in demand for the balance of 2019 due to a looming drop in ferrochrome pricing and a floundering ferrous scrap market. “We are already buying for December and that is usually a very slow month with the holiday, and strong inventory controls are in place,” he said, speculating that stainless mills might opt to cut prices to stimulate sales.
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