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Scrap, ISM Index Update

American Metal Market report stainless steel scrap prices remain flat, but expects the market to soften in the coming weeks amid uncertainty surrounding the nickel market and disappointing melting rates at stainless mills. This indicator goes along with mixed trends in the information from The Institute for Supply Management. For October, PMI was up again for the 4th month in a row. Other leading indicators however were another matter with Inventories, Customer Inventories and Backlog of Orders at 50 or below (a reading above 50 percent indicates that the index is generally expanding; below 50 percent indicates that it is generally declining).