US stainless steel processor buying prices rose for the 316 grades and declined for the 304 grades, albeit slightly, on Friday amid rising LME nickel prices.
The daily Davis Index for scrap 304 solids fell to 55.9¢/lb delivered processor yard from 56¢/lb delivered and moved up for 316 solids to 76.9¢/lb for single truckloads from 76.5¢/lb.
The index for scrap 304 turnings inched down to 50.9¢/lb delivered processor yard from 51¢/lb delivered and increased for 316 turnings to 67.9¢/lb delivered from 67.5¢/lb delivered.
LME nickel prices rose by $267/mt from Thursday with the official three-month LME Nickel contract settling at $15,442/mt on Friday. The official cash contract closed Friday at $15,414/mt, up by $294/mt from Thursday.
Stainless steel processor buying prices have witnessed a continued uptick throughout this week amid increasing demand from domestic mills and rising LME nickel prices. Moving forward, processors expect the prices to take a downward trend as the market approaches the end of the year and the upcoming elections in the US.