US stainless steel processor buying prices have moved within a narrow range across all grades on Wednesday amid falling LME nickel prices.
The weekly Davis Index for 201 solids was flat at 34¢/lb delivered processor yard on Wednesday and it inched down for 301 solids to 46¢/lb from 46.1¢/lb for single truckloads.
The index for scrap 309 solids fell by almost a penny to 81¢/lb delivered from 81.9¢/lb delivered and decreased for 310 solids to $1.24/lb delivered from $1.25/lb delivered. The Davis Index for 330 solids ticked down 2¢/lb to $2.03/lb delivered processor yard.
The index for 409/410 solids decreased by $11.2/gt to $321.2/gt delivered processor yard and fell by $11.1/gt to $391.8/gt for 430 solids delivered.
Stainless steel processor buying prices have leveled off on consistent demand from mills with processors expecting them to move within the current range unless the market witnesses some unforeseen trends around the US elections.
The daily Davis Index for scrap 304 solids moved up to 58¢/lb from 57.3¢/lb delivered processor yard and rose for 316 solids to 77.7¢/lb from 77¢/lb for single truckloads.
The index for scrap 304 turnings increased by half a penny to 53¢/lb delivered and remained unchanged for316 turnings at 69¢/lb for single truckloads.
LME nickel prices declined by $90/mt from Tuesday with the official three-month LME Nickel contract settling at $15,183/mt on Wednesday. The official cash contract closed Wednesday at $15,160/mt down by $58/mt from Tuesday.