US stainless steel processor buying prices rose for 316 solids but dropped for 316 tunings, while 304 solids and turnings prices remained unchanged on Thursday.
The daily Davis Index for scrap 304 solids held at 49.9¢/lb delivered processor yard but increased by 1.1¢/lb for 316 solids to 69.9¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 45.9¢/lb and fell for 316 turnings to 61.3¢/lb from 61.4¢/lb delivered.
LME nickel prices decreased by $266/mt from Wednesday with the official three-month LME Nickel contract settling at $13,289/mt on Thursday. The official cash contract closed Thursday at $13,415/mt, down by $259/mt from Wednesday.
Ferrous prices fell last week because of which, most market participants believe, the stainless-steel market seems to be maintaining the same price levels. However, some processors consider the sideways trend is a result of rising LME nickel prices and growing demand from the domestic stainless mills over the past week.