Although last month we predicted little upside to stainless scrap prices on a fundamental basis, given the supply/demand imbalance, the continued rise in the LME nickel cash price through April has led to a significant uptick in prices across Europe and the USA. This is partly due to the ability of mills to pay more for their scrap given higher stainless steel prices, but also because the surging cost of primary raw materials this month (nickel in particular), is keeping them interested in using scrap.
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