US stainless steel processor buying prices of 304 scrap solids and 316 turning fell by 1-2¢ on Monday.
The daily Davis Index for 304 scrap solids dropped by a penny to 41¢/lb delivered processor yard while 316 solids increased by the same amount to 62¢/lb for single truckloads.
Scrap 304 turnings increased to 38¢/lb from 37.8¢/lb on Monday, while 316 turnings decreased by 2.8¢/lb to 54¢/lb.
LME nickel prices increased by $57/mt from Friday with the official three-month LME Nickel contract closing at $11,339/mt on Monday. The official cash LME nickel contract closed on Monday at $11,280/mt, up by $55/mt from Friday.
Stainless steel processors have witnessed a significant drop in prices over the past couple of weeks due to COVID-19’s impact. Market participants expect prices to drop further if the demand from mills drops after the April buying session.