US stainless steel processor buying prices increased across most grades following a rise in LME Nickel prices on Wednesday.
The weekly Davis Index for 201 solids rose by 1.1¢/lb to 51.1¢/lb delivered processor yard and was up for 301 solids by 0.9¢/lb to 64.9¢/lb for single truckloads.
The index for scrap 309 solids grew by 0.5¢/lb to 99.7¢/lb delivered and was up for 310 solids by 3.7¢/lb to $1.505/lb delivered. The weekly Davis Index for 330 solids increased by 3¢/lb to $2.357/lb delivered processor yard.
The index for 409/410 solids was up by $4.2/gt to $531.9/gt delivered processor yard and climbed by $2.2/gt to $630.9/gt for 430 solids delivered.
A rise in the LME Nickel prices has spurred stainless steel processor prices higher this week. Still, demand for stainless steel scrap is weakening as domestic mills look to reduce their inventory levels, making processors wary about the price rise this week.
The daily Davis Index for scrap 304 solids increased by 0.8¢/lb to 75.5¢/lb delivered processor yard and grew for 316 solids by 1¢/lb to 99¢/lb for single truckloads.
The index for scrap 304 turnings was up by 0.7¢/lb to 71.2¢/lb delivered and was flat for 316 turnings at 88¢/lb for single truckloads.
LME nickel prices increased by $128/mt from Tuesday with the official three-month LME Nickel contract settling at $18,013/mt on Wednesday. The official cash contract closed Wednesday at $17,985/mt up by $124/mt from Tuesday.