US stainless steel processor buying prices increased as mill demand outpaced supply on Thursday.
The daily Davis Index for 304 solids grew by 1.2¢/lb to 87.7¢/lb delivered processor yard and increased for 316 solids by 0.3¢/lb to $1.143/lb for single truckloads.
Scrap 304 turnings rose by 0.7¢/lb to 82.7¢/lb delivered and increased by 0.3¢/lb for 316 turnings to $1.043/lb delivered processor yard.
LME nickel prices increased by $60/mt from Wednesday with the official three-month LME Nickel contract settling at $18,380/mt on Thursday. The official cash contract closed Thursday at $18,180/mt, down by $129/mt from Wednesday.
Scrap flows have been unable to keep pace with the rising demand for stainless steel scrap from mills. This has pushed up the prices for stainless steel scrap as well as alternatives like superalloys, with processors seeing grades like 304 solids being offered at 88-89c/lb for single truckloads in the Midwest.