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Stainless scrap prices tumble

Stainless scrap prices continued to weaken due to poor demand and a plummeting LME nickel price. Demand is impacted by Outokumpu and North American Stainless having production issues which has impacted their output. Nickel pricing is at its lowest level since early March this year. Dealers are however holding onto scrap as overall demand for stainless products has remained strong.