LOS ANGELES (Scrap Monster): According to latest market statistics, the prices of various grades of stainless steel scrap advanced during the month of May this year.
The prices of 304 grade of stainless steel scrap appreciated by almost 5% from the levels of $1,710-1,760 per tonne during April to $1,800-1,850 during May. The prices of 316 grade of stainless steel scrap also jumped higher during the month of May to $2,400-2,450 per tonne from the April levels of $2,290-2,340 per tonne. The prices of 409 chrome scrap remained unchanged at $410-450 per tonne, whereas those of 430 grade chrome scrap too remained flat at $510-550 per tonne during May.
As per report published by International Nickel Study Group (INSG), the world nickel production exceeded usage by 13,400 tonnes during the first quarter of this year. The LME warehouse stock stood at 284,000 tonnes during this period.
The stainless steel scrap availability totaled 8.757 million tonnes during 2013, corresponding to a nickel content of 700,560 tonnes. INSG forecasts the stainless steel scrap availability for 2014 at 9.383 million tonnes with increased nickel content of 750,640 tonnes.