US stainless steel processor buying prices increased for 316 solids and 304 turnings on Tuesday.
The daily Davis Index for 304 scrap solids remained at 45¢/lb delivered processor yard and moved up for 316 solids to 64.2¢/lb from 64¢/lb for single truckloads.
The index for scrap 304 turnings increased by a penny to 41¢/lb, while 316 turnings remained at 56¢/lb.
LME nickel prices decreased by $178/mt from Monday with the official three-month LME Nickel contract settling at $12,156/mt on Tuesday. The official cash contract closed Tuesday at $12,085/mt, down by $170/mt from Monday.
The stainless processor buying prices have reflected LME nickel prices amid tight supply over the past week. However, with LME nickel falling on Tuesday, processor buying prices could also slip during the week according to market participants.