US stainless steel processor buying prices decreased for 304 solids and turnings on Friday.
The daily Davis Index for scrap 304 solids dropped by 1.8¢/lb to 45.7¢/lb delivered processor yard and fell for 316 solids by 1.5¢/lb to 65¢/lb for single truckloads.
The index for scrap 304 turnings declined by a penny to 41.5¢/lb and rose for 316 turnings by 1.7¢/lb to 58¢/lb.
LME nickel prices rose by $114/mt from Thursday with the official three-month LME Nickel contract settling at $12,795/mt on Friday. The official cash contract closed Friday at $12,733/mt, up by $118/mt from Thursday.
Stainless steel processors are struggling to gauge the market amid weak demand and sluggish movement of volumes, that has seen some sellers finding it difficult to get quotes for their material. Market participants anticipate some traction in the market as demand normalizes with factories resuming production.