Although there are no underlying demand conditions supporting scrap demand at present, at least not in Japan, the USA and Europe where stainless production is in retreat, prices have been showing signs of recovery, regardless. While nickel-price corrections upward may only temporarily support scrap prices, the impending arrival of a new meltshop in the USA is already encouraging some speculative buying for January. Though the support to European price rises could be limited next year, as stainless capacity is shut down, greater export opportunities may tighten currently slack market fundamentals.
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