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NICKEL FOIL
Nickel Drives Stainless Scrap to Nearly $2,800/TSeptember 18th, 2006 / Nickel Foil
Prices for 18-8 stainless scrap flirted with $2,800 a ton on a delivered-to-mill basis in the Pittsburgh market this month before settling in a range of $2,750 to $2,775 a ton, scrap industry sources said. The more than $250 increase from the prevailing mill price in August was driven entirely by the steadily rising price of nickel on the London Metal Exchange.
Demand for stainless scrap in the U.S. market has been so strong this year that it could account for the decline in sales to overseas markets, particularly those in Asia. U.S. exports of 18-8 scrap through the first half of this year were off by 6.6 percent from the same period last year.
Domestic demand for finished stainless steel products remains strong, particularly for commodity grades like 304 stainless. The only market that could see some weakening because of the higher prices is construction, where some architectural applications are price sensitive and substitution of 400-series stainless is possible.
Excerpts from American Metal Market September 14, 2006
Nickel Premiums Steady As Buyers Sit It OutSeptember 12th, 2006 / Nickel Foil
US nickel premiums are holding steady due to sparse spot sales as buyers wait for prices to cool off. Premiums for melting-grade nickel are holding at between 42 and 47 cents a pound. Several traders expected to see higher prices after Labor Day as buyers returned from summer holidays, but the market has yet to see a hike. Nickel activity has been slower than normal in the spot market as buyers sit on the sidelines and await lower prices before committing to purchases. These buyers are waiting for prices to fall in line with an anticipated stainless steel decline. A handful of traders expect premiums to remain strong for another couple of weeks. However, stocks flowing into the London Metal Exchange suggest that nickel might soften in the near future.
Excerpts from American Metal Market September 7, 2006
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