US stainless steel processor buying prices remained flat for 304 solids and increased for 316 solids but dropped by 1-2c/lb for 304 and 316 turnings on Monday.
The daily Davis Index for 304 scrap solids remained at 42.5¢/lb delivered processor yard while 316 solids increased to 63¢/lb for single truckloads.
Scrap 304 turnings dropped by 2.4¢ to 38¢/lb on Monday, while 316 turnings declined by 1.8¢ to 56.5¢/lb.
LME nickel prices fell by $308/mt from Friday with the official three-month LME Nickel contract closing at $11,142/mt on Monday. The official cash LME nickel contract closed on Monday at $11,055/mt, down by $315/mt from Friday.
Stable demand from domestic mills has kept processor buying prices from a steep fall due to COVID-19’s impact these past few weeks. Market participants expect demand to hold at current levels until May since mill orders are projected on a 90-day basis. However, in the light of the current economic crisis due to the virus, it would be hard to predict price movements beyond May, thus calling for a cautious approach.