The global stainless scrap market remained lacklustre this month, as buying activity remained relatively quiet. The stainless scrap market is anticipated to slowdown further next month, as European countries enter their annual peak holiday period in August, while Islamic countries celebrate Ramadan. Factory shutdowns over August will limit the supply of stainless scrap into theStainless scrap demand to weaken in August following summer slowdownsmarket, providing prices with upward support in September. The LME 3-month nickel price fell 31.1% year-on-year, taking support away from international stainless scrap prices. Volatility in nickel prices may influence some merchants to sit on the sidelines, until nickel prices show signs of stabilising.
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