The slow recovery of the aerospace and oil/gas industries had a limited effect on the superalloy market with LME nickel prices averaging $15,938/mt in December last year, according to The Bureau of International Recycling (BIR).
The limited impact of the slump in two key sectors that consumer superalloys is because of the strong stainless steel market, which accounts for 70pc of nickel consumption globally, BIR noted. China, especially, is seeing a 19pc increase in its stainless steel performance on an annual basis while Europe is seeing higher stainless steel production volumes.
As a result, superalloy scrap prices risen with increasing stainless price units leading to huge discounts in the intrinsic value of the scrap, BIR stated.