US stainless steel processor buying prices increased slightly for 304 and 316 solids as well as 316 turnings on Thursday.
The daily Davis Index for scrap 304 solids increased to 50¢/lb from 49.4¢/lb delivered processor yard and rose for 316 solids to 69.9¢/lb from 69.6¢/lb for single truckloads.
The index for scrap 304 turnings fell by a penny to 45.5¢/lb but moved up for 316 turnings to 60.4¢/lb from 60¢/lb delivered.
LME nickel prices increased by $238/mt from Wednesday with the official three-month LME nickel contract settling at $13,498/mt on Thursday. The official cash contract closed Thursday at $13,460/mt, up by $245/mt from Wednesday.
Stainless steel prices have not moved much this week. Demand is dropping, albeit slowly, which could be contributing to prices remaining within a narrow range over the past two weeks, according to some processors, who believe the ferrous market could settle stronger in August.