Stainless steel scrap processor buying prices were mixed Friday, with stainless 304 unchanged while molybdenum-bearing 316 slipped marginally. Stainless 304 scrap prices showed little movement over the latest last week.
Stainless steel 316 scrap solids traded at 67-69¢/lb, down from 68-69¢/lb the prior day, while 316 turnings were assessed at 59-61¢/lb, down from 60-61¢/lb.
Processor buying prices for single loads of 304 scrap solids traded at 55-56¢/lb, while turnings traded at 50-51¢/lb, both unchanged from the prior day. Processors are willing to pay up to 58¢/lb for large tonnage of 304 solids.
Dealers are still hanging on to their inventory, which is causing concerns over scrap flows.
Nickel, a key component in pricing stainless, remained below $10,000/t for a sixth consecutive trading session.
Three-month LME nickel was trading 2pc lower Friday after settling at $9,630/t Thursday.