According to market participants, European stainless steel scrap prices were supported by low supply last week rather than falling due to the low nickel price.
Last week, the CIF import price of 304 stainless steel scrap in the European market increased by 1.9% to 3.1% compared to the previous week, while the price of LME nickel decreased during this period. European stainless steel price continued to rise due to scrap supply and good demand from stainless steel mills.
In addition, outside of the summer season, current market trading is weak, but offers were lower than in previous months, strongly supporting the stainless steel scrap price in Europe.
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