US stainless steel processor buying prices increased for 304 solids and 316 turnings on Thursday.
The daily Davis Index for scrap 304 solids rose to 43¢/lb from 42.8¢/lb delivered processor yard but dropped for 316 solids to 61.5¢/lb from 62¢/lb for single truckloads.
The index for scrap 304 turnings decreased by 2.3¢/lb to 37.5¢/lb, and moved up for 316 turnings by 4.9¢/lb to 53¢/lb.
LME nickel official cash contract closed Thursday at $12,014/mt, down by $186/mt from Wednesday.
Stainless steel processor buying prices have risen gradually in the last couple of weeks. However, market participants remain unsure of the market’s direction because of its high volatility that makes it difficult to assess buying trends.