Weekly US stainless steel processor buying prices increased or dropped depending on grade on Wednesday in a quiet market despite the LME Nickel market giving back some of its gains.
The weekly stainless scrap prices increased or decreased, depending on grade, with the LME Nickel market settling higher by $91/mt on Wednesday compared with $16,747/mt on Dec 23.
The weekly Davis Index for 201 solids rose by 0.7¢/lb to 39.6¢/lb delivered processor yard while 301 solids ticked down by 0.1¢/lb to 56.9¢/lb delivered.
The index for scrap 309 solids increased by 0.3¢/lb to 91.5¢/lb with 310 solids moving up to $1.42/lb delivered, better by 0.4¢/lb. 409/410 solids moved up by $17/gt to $340/gt on the expectations of a strong domestic ferrous scrap pricing next month.
The holiday break and the expectation of a more substantial ferrous scrap market in January 2021 have seen suppliers holding on to their volumes over the last two weeks in anticipation of potentially better prices in early January.
The daily stainless steel processor price indexes ticked lower with the daily Davis Index for scrap 304 solids inching down by 0.3¢/lb to 68.5¢/lb delivered processor yard. The index for 316 solids fell by the same amount to 89¢/lb for single truckloads delivered US processors.
The index for scrap 304 turnings decreased by 0.1¢/lb to 64¢/lb delivered and fell by 0.3¢/lb to 81¢/lb for 316 turnings delivered US processor on Wednesday.
The three-month LME Nickel market dropped by $162/mt from Dec 29 to $16,838/mt on Wednesday.