Daily and weekly US processor stainless scrap buying prices were flat to down on Thursday as weaker consumer demand overwhelmed a recovery in nickel markets.
Scrap 304 solids declined to 54-56¢/lb on Thursday from 55-57¢/lb on Wednesday with turnings maintaining their 6¢/lb discount.
The majority of processors pulled bids down on the day citing insufficient demand to keep prices above 56-57¢/lb. The only buyers largely to sustain levels were already shopping bids at 54-55¢/lb on Wednesday and reported little issue in purchasing single truckloads at that level.
Argus assessed scrap 316 solids prices were flat at $1.02-1.04/lb on the day, while turnings traded at 89-92¢/lb on the day. Suppliers were less willing to cave on ferro-molybdenum given relatively limited domestic stocks and wide enough margins for export into select Asian destinations like India.
This was true despite early indications of easing molybdenum markets. Argus assessed US ferro-molybdenum prices at $24.75-25.25/lb, off from $24.90-25.40/lb fob North American warehouse today.
Prices for 17-4 scrap solids were unchanged at 26-27¢/lb delivered processor, while turnings were steady at 18-19¢/lb, even as some processors started to pull back bids.
Mixed ferritic stainless 409/410 scrap solids and turnings were unchanged at $470-515/gross ton (gt) and 336-358/gt, respectively. Chrome-bearing 430 scrap solids were assessed flat at $560-605/gt with turnings at $426-448/gt.
Processors and dealers broadly conceded to the sideways domestic US ferrous scrap trade on the ferritic scrap market. Sources were mixed ahead of the trade — mostly predicting a slight downward correction before the sudden announcement on 30 May of a higher 50pc steel 232 tariff imposed by the Trump administration.
The three-month London Metal Exchange (LME) nickel contract was nearly unchanged at $15,490/metric tonne (t) on the day but was up from the $15,300/t a week earlier. Cash nickel prices were also almost unchanged at $15,285/t.
Nickel premiums for full truckload melting grade, 4x4inch, cathodes were flat at 55-60¢/lb, while premiums for briquettes were unchanged at 30-33¢/lb in light of no reported spot market trades. Consumers reported pellet offers as high as 68¢/lb on the day.
