Although demand for stainless steel scrap is has remained relatively weak, some market players report that supply is tightening in the USA, following the August rally in nickel prices, which could place upwards pressure on prices there. In Europe scrap processors, unwilling to sell at current low prices are seeing inventories build but at our conference earlier this month where mills challenged them to become more competitive with Chinese NPI, they revealed that Chinese scrap enquiries are starting to come back.
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