China's stainless scrap price dips as popularity wanes

Source: Mysteel Jul 10, 2024 18:00

Chinese prices of stainless steel scrap have dipped recently after climbing for nearly a month, with the decline largely attributed to stainless steelmakers switching feed preferences, Mysteel Global has learned. A month ago when stainless mills were chasing better margins, they had turned to scrap but these days, they are considering reverting to nickel pig iron (NPI) because the ferroalloy is more cost effective currently, sources said.

As of July 10, the price of 304-grade stainless scrap in Wenzhou, a key hub for domestic stainless scrap trading in East China's Zhejiang province, had dropped by Yuan 100/tonne ($13.7/t) on day to Yuan 10,000/t. The dip came after nearly a month of increases which saw the price peak at