US stainless steel processor buying prices for 304 solids and turnings declined by 1-3¢, while 316 solids and turnings increased by 1-5¢ on Tuesday.
The daily Davis Index for 304 scrap solids dropped by 40.2¢/lb from 41¢/lb delivered processor yard, however, 316 solids increased by 1.8¢/lb to 63.8¢/lb for single truckloads.
Scrap 304 turnings decreased by 3¢/lb to 35¢/lb on Tuesday, while 316 turnings rose by 5¢/lb to 59¢/lb.
LME nickel prices declined by $41/mt from Monday, and the official three-month LME Nickel contract closed at $11,298/mt on Tuesday. The official cash LME nickel contract closed Tuesday at $11,2235/mt, decreasing by $45/mt from a day earlier.
Processors said there is a lot of uncertainty in the market right now because of COVID-19. As a result, their prices to mills are conservative, which may lead to more prices declines in the future. Market participants described the current pandemic as unprecedented, therefore, they do not know what the market will be like in April.