US stainless steel processor buying prices varied on Wednesday following increased demand and a volatile LME Nickel market.
The weekly Davis Index for 201 solids inched up by 0.3¢/lb to 50.6¢/lb delivered processor yard and fell for 301 solids by 1.2¢/lb to 61.1¢/lb for single truckloads.
Scrap 309 solids fell by 1.7¢/lb to 98.3¢/lb delivered and moved down for 310 solids by 2.3¢/lb to $1.517/lb delivered and 330 solids decreased by 3.6¢/lb to $2.433/lb delivered processor yard.
For 409/410 solids, the index declined by $4.1/gt to $573.5/gt delivered processor yard and rose by $4.8/gt to $658.7/gt for 430 solids delivered.
A fall in LME Nickel prices over the past week resulted in the weekly processor buying prices trending down. However, the LME nickel market began to gain pace at the beginning of this week leading to a rise in daily processor buying prices. That said, the swings in prices are minor as the market remains bullish due to robust demand from major mills. Processors expect steady demand in June before it weakens in July.
The daily Davis Index for scrap 304 solids rose by 0.2¢/lb to 75.5¢/lb delivered processor yard and increased for 316 solids by 0.3¢/lb to 99.3¢/lb for single truckloads.
Scrap 304 turnings inched up by 0.3¢/lb to 70.8¢/lb delivered and increased for 316 turnings by the same amount to 90.3¢/lb for single truckloads.
LME nickel prices were up by $32/mt from Tuesday with the official three-month LME Nickel contract settling at $17,198/mt on Wednesday. The official cash contract closed Wednesday at $17,168/mt, up by $43/mt from Tuesday, but down by $512/mt from 17,680/mt on May 19.