In the USA, there has been an increase in stainless steel scrap prices after the downturn witnessed at the end of 2007. Prices of grade 304 solids are trading in the range of 2,788 dollars/tonne, up on an average by 115 dollars/tonne compared to last months levels. This comes mainly on the back of rising alloy costs. Chrome prices have increased 11 percent in February alone as compared to the previous month. LME nickel prices, though relatively stable, have increased since December and these slight movements have still had an impact on stainless steel prices. On the production side, MBR believes that stainless production levels will increase during early 2008 relative to the final quarter of 2007 and this should lend upward pressure to scrap prices.
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