US stainless steel processor buying prices declined by 1-5¢ on Tuesday with 304 solids seeing the steepest fall so far this week.
The daily Davis Index for 304 scrap solids dropped by 5¢/lb to 43.5¢/lb delivered processor yard and 316 solids decreased by 2.5¢ to 66¢/lb for single truckloads.
Scrap 304 turnings also dropped by a penny to 44¢/lb on Tuesday, while 316 turnings declined to 61¢/lb on Tuesday from 61.5¢/lb.
LME nickel prices fell by $155/mt from Monday with the official three-month LME Nickel contract closing at $11,780/mt on Tuesday. The official cash LME nickel contract closed on Tuesday at $11,708/mt, down by $168/mt from Monday.
Processors remain uncertain about the extent of price drops over the next few weeks but expect them to fall further in tandem with decreasing LME nickel prices and the effect of the COVID-19 virus on the market.