US stainless steel processor buying prices declined by close to 6¢ for 316 turnings on Friday.
The daily Davis Index for 304 scrap solids remained at 42.1¢/lb delivered processor yard while the index for 316 solids increased to 62c/lb from 61.6¢/lb for single truckloads.
The Davis Index for scrap 304 turnings fell by almost a penny to 37.1¢/lb from 38¢/lb on Friday, while 316 turnings declined by 5.4¢ to 50.6¢/lb because of limited demand for the grade.
Processor buying prices have moved within a narrow range this week after falling significantly over the past two weeks. LME nickel has also moved in a narrow range during the week keeping processor prices, which follow its movements mostly flat. However, market participants are keeping a close watch on demand from mills for May orders to determine supply as well as price movements for stainless steel processors.
LME nickel prices moved up by $5/mt from Thursday with the official three-month LME Nickel contract closing at $11,257/mt on Friday. The official cash LME nickel contract closed on Friday at $11,192/mt, up by $7/mt from Thursday.