PITTSBURGH — The stainless steel scrap market continues a sideways to downward trend, with sources noting that this is likely to continue for the immediate future.
“The market will continue to be slow this week, and demand for October and November is still looking subdued,” one major processor source said.
“The news on the fall of the ferrous market is dominating the market talk today, and that is rolling over into the stainless market, which continues to look bleak,” according to another major processor.
“(It) looks very ugly, and we are pretty close to no value on certain items,” a local dealer said. “Too many people are grasping at straws and trying to take material with no honest margin.”
Meanwhile, the London Metal Exchange cash nickel contract closed the official session Oct. 7 at $10,220 per tonne ($4.64 per pound), up 1.5 percent from $10,070 ($4.57 per pound) one week earlier.
“Prices are not stable. This is not a whole lot of fun,” another dealer source said.
http://www.amm.com/Article/3495340/Scrap/Stainless-scrap-market-still-subdued.html
