Prices for briquetted scrap steel in the British market this week are reduced due to the weakening demand and falling LME prices for Nickel. Traders report that scrap 18/8 for sale ?1180-1230 ($1869-1948) per ton, subject to delivery compared with the level in ?1210-1260 per tonne a week earlier.
"The decline in Nickel prices has caused panic in the market," said one of the traders. "Many canceled contracts," he added, explaining that the lack of demand for stainless steel has and the price of scrap steel.
MetalTorg.Ru