US stainless steel processor buying prices rose marginally across most grades on Monday despite a fall on LME nickel.
The daily Davis Index for scrap 304 solids increased to 49.8¢/lb from 48.5¢/lb delivered processor yard and rose for 316 solids to 69.8¢/lb from 69.5¢/lb for single truckloads.
The index for scrap 304 turnings also ticked up by 1.5¢/lb to 46.7¢/lb but fell for 316 turnings to 60.1¢/lb from 60.4¢/lb delivered.
LME nickel prices decreased by $133/mt from Friday with the official three-month LME Nickel contract settling at $13,187/mt on Monday. The official cash contract closed on Monday at $13,162/mt, down by $119/mt from Friday.
Stainless steel pricing has moved within a narrow range over the past couple of weeks. According to processors the sideways to flat movement has to do with two factors that are contradicting in nature—falling ferrous scrap prices and increasing nickel prices.