Houston, 18 January (Argus) — US stainless: 316 scrap gains on strong demand
Stainless steel scrap processors raised 316 prices for a second consecutive day Wednesday as many look to build inventories in anticipation of stronger demand and tightness in molybdenum-bearing stainless grades.
Stainless steel 316 scrap solids traded at 70-72¢/lb, up from 70-71¢/lb the prior day, while 316 turnings were assessed at 62-64¢/lb, up from 62-63¢/lb Tuesday.
Processors are seeking to purchase as much as they can as US mills look to restock in the next few months.
Dealers are still holding onto material in hopes of higher scrap prices, looking for any boost as nickel prices have been little changed in recent days; Three-month London Metal Exchange nickel fell by 0.2pc Wednesday after settling at $10,230/t the prior day, compared with $10,180/t on Friday.
Processor buying prices for single loads of 304 scrap solids traded at 57-58¢/lb, while turnings traded at 52-53¢/lb, both unchanged.