The price of stainless steel scrap is going down
2023-06-29
As the price of nickel decreases in metal exchanges, the purchase prices of stainless steel scrap also decrease. From the beginning of 2023 to the end of June, the price of nickel fell by almost 40%. In the first days of 2023, the nickel price was $31.2/kg, on June 28, the nickel price was only $19.85/kg. Since the price of stainless steel scrap largely depends on the price of nickel, the purchase price of stainless steel scrap decreased accordingly. According to the website scraprice.com, the highest price of stainless steel scrap in the last days of June 2023 was in Turkey and reached almost €2/kg. The price of stainless steel scrap was also high in other countries: Denmark, Germany and the United Kingdom.
The price of stainless steel scrap also depends on other metals present in stainless steel: Chromium and molybdenum. The higher the percentage of molybdenum in the composition of stainless steel, the higher the purchase price of stainless steel scrap. The price of molybdenum has decreased by about 30% in the last three months. In March, the price of molybdenum reached almost 82500 $/t, and in the last days of June 2023, the price of molybdenum was only in the range of 56570 $/t.
The price of stainless steel depends on the supply and demand of such raw material, as well as currency fluctuations. Different regions have different needs and preferences for stainless steel products. Market segmentation allows you to dive into these regional nuances, making it easier to understand the global market and how it affects prices.
Properties and characteristics of stainless steel
In addition to rust resistance, stainless steel has other fantastic properties. It is incredibly strong, making it suitable for a variety of applications. It is also heat resistant, making it perfect for kitchen appliances that can withstand high temperatures. The shiny stainless steel surface adds elegance to everything.