US stainless steel processor buying prices dropped for 304 solids and 316 solids and turnings on Tuesday.
The daily Davis Index for scrap 304 solids decreased to 40.9¢/lb from 41.5¢/lb delivered processor yard and declined for 316 solids to 61.9¢/lb from 62.3¢/lb for single truckloads.
The index for scrap 304 turnings remained unchanged at 38.5¢/lb and fell to 55.5¢/lb from 55.8¢/lb for 316 turnings.
LME nickel prices increased by $76/mt from Monday with the official three-month LME nickel contract settling at $12,332/mt on Tuesday. The official cash contract closed Tuesday at $12,275/mt, up by $87/mt from Monday.
Processors are not seeing much movement in prices at present but are having trouble securing tons to meet an anticipated uptick in demand. According to some market participants, prices could increase if this trend persists.