Global stainless scrap prices gained support throughout the first half of December, as nickel prices trended upwards. In the USA, 304 and 316 clips and solids prices recorded a 3.47% and 1.97% week-on-week increase. Market participants have attributed the gains to a moderate increase in the LME 3-month weekly average nickel prices. Processors have indicated that they will be more willing to pay higher prices as the year closes. MBR expects to see a slight increase in US stainless scrap prices in mid-January, while European processors are less optimistic for Q1 2013. As a result, we anticipate that stainless scrap prices in Europe will be outpaced by slight increases in the US stainless scrap market.
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