US stainless steel processor buying prices inched up across most grades amid rising LME nickel prices on Monday.
The daily Davis Index for scrap 304 solids rose by 0.5¢/lb to 75¢/lb delivered processor yard and increased for 316 solids by the same amount to 96¢/lb for single truckloads.
The index for scrap 304 turnings dropped by 0.5¢/lb to 69.5¢/lb but rose by a penny for 316 turnings to 87.5¢/lb delivered processor yard.
LME nickel prices increased by $254/mt from Friday with the official three-month LME Nickel contract settling at $18,658/mt on Monday. The official cash contract closed Monday at $18,612/mt, up by $249/mt from Friday.
Stainless steel prices have remained rangebound over the past week, despite a volatile LME nickel market. According to processors, the continued demand from mills has given some stability to stainless steel prices, which could have otherwise swung more widely in tandem with LME nickel.