US stainless steel processor buying prices decreased by 1-5¢ for 304 solids and 304 and 316 turnings on Tuesday but increased slightly for 316 solids.
The daily Davis Index for 304 scrap solids fell by 1.3¢/lb to 42¢/lb delivered processor yard and increased for 316 solids to 63¢/lb from 62.4¢/lb for single truckloads.
The index for scrap 304 turnings decreased by 2.7¢/lb to 36.5/lb on Tuesday and fell for 316 turnings by 5.7¢/lb to 51¢/lb due to a lack of demand for the material.
Market participants expect stainless steel processor prices, which haven’t moved much over the past few days, to rise in tandem with LME nickel, which increased significantly on Tuesday after moving in a narrow range over the past week.
LME nickel prices increased by $192/mt from Monday with the official three-month LME Nickel contract closing at $11,409/mt on Tuesday. The official cash LME nickel contract closed on Tuesday at $11,350/mt, up by $188/mt from Monday.