US stainless steel processor buying prices rose across all grades amid strong mill demand, despite a fall in LME Nickel prices.
The daily Davis Index for 304 solids increased by 1.8¢/lb to 83¢/lb delivered processor yard and was up for 316 solids by 2.1¢/lb to $1.10/lb for single truckloads.
Scrap 304 turnings rose by 2.4¢/lb to 79¢/lb delivered and grew by 2.1¢/lb for 316 turnings to $1/lb, delivered processor yard.
LME nickel prices declined by $191/mt from Friday with the official three-month LME Nickel contract settling at $18,372/mt on Monday. The official cash contract closed Monday at $18,358/mt, down by $253/mt from Friday.
Processors expect mill demand, which has remained strong through most of June, to continue next month as well. This has resulted in strong order books and upward pressure on prices. Still, the volatility in LME Nickel may pull down the prices, though demand will keep them from falling too steeply.