Stainless scrap prices showed signs of deterioration this month, as processor buying prices for 18/8 bundles and solids in the US market and 18/8 stainless solid prices in the European and UK markets receded. Overall, weaker than expected demand from stainless mills was the main driver of the price decline; however, retreating LME nickel prices, along with a decline in the European fourth-quarter charge chrome price also played a significant role in the price slides recorded this month. Looking forward, market fundamentals suggest that prices for stainless scrap in the US and European markets will remain depressed for the remainder of the year, as mill buying activity and nickel prices remain muted.
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