According to market participants, the prices of European stainless steel scrap were upheld by the low supply in the past week instead of dropping amid the lower nickel price.

The CIF import price of 304 stainless steel scrap in the European market last week was up by 1.9% to 3.1% compared to the previous week, while the LME nickel price had a decrease during the period, showing that the price trend of European stainless steel scrap kept upward due to tight supply and good demand from stainless steel mills.

In addition, during the off-season in summer, the current market trading is weak, but the offers were less than those in previous months, which strongly supported the price of stainless steel scrap in Europe.