US stainless steel processor buying prices increased for 304 solids dropped slightly for 316 solids on Monday.
The daily Davis Index for scrap 304 solids ticked up by 2¢/lb to 48.6¢/lb delivered processor yard, and decreased for 316 solids to 66.2¢/lb from 66.6¢/lb for single truckloads.
The indexes for scrap 304 turnings increased by 2.8¢/lb to 44.4¢/lb, and rose for 316 turnings to 56¢/lb from 55.6¢/lb.
LME nickel prices decreased by $229/mt from Friday, with the official three-month LME nickel contract settling at $12,692/mt on Monday. The official cash contract closed Monday at $12,624/mt, down by $230/mt from Friday.
Processors are beginning to see slight upticks in stainless steel demand in the market, and this has led to a gradual increase in pricing, as well. Market participants hope for demand to remain, but they are unsure if this will continue.