US stainless steel processor buying prices for 304 solids and turnings increased by 1.8¢/lb but remained unchanged for 316 solids and turnings on Tuesday.
The daily Davis Index for scrap 304 solids rose to 51.7¢/lb delivered processor yard and held for 316 solids at 69.9¢/lb for single truckloads.
The index for scrap 304 turnings increased to 46.8¢/lb delivered but was flat for 316 turnings at 60.3¢/lb delivered.
LME nickel prices decreased by $248/mt from Monday with the official three-month LME Nickel contract settling at $13,525/mt on Tuesday. The official cash contract closed Tuesday at $13,470/mt, down by $248/mt from Monday.
Some processors are witnessing stable demand from steel mills while others have been experiencing downward pressure on prices due to weak demand from mills. Processors are now looking to gauge further price movements for stainless steel scrap based on the performance of ferrous scrap prices in August.