US stainless steel processor buying prices were rangebound across all grades on Tuesday in tandem with LME nickel prices.
The daily Davis Index for scrap 304 solids rose by 0.2¢/lb to 75.2¢/lb delivered processor yard and settled unchanged for 316 solids at 96¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 69.5¢/lb delivered and increased by 0.2¢/lb for 316 turnings to 87.7¢/lb delivered processor yard.
LME nickel prices inched down by $4/mt from Monday with the official three-month LME Nickel contract settling at $18,654/mt on Tuesday. The official cash contract closed Tuesday at $18,615/mt, up by $3/mt from Monday.
Stainless steel processor buying prices have trended sideways over the past few days as continued demand from mills has balanced the LME Nickel’s volatility. That said, market participants believe some uncertainty remains on the continuity in mill demand.