US stainless steel processor buying prices dropped for all grades on Friday.
The daily Davis Index for 304 scrap solids decreased by 4.2¢/lb to 40¢/lb delivered processor yard and dropped for 316 solids by 3.4¢/lb to 60¢/lb for single truckloads.
The index for scrap 304 turnings fell by 4.2¢/lb to 35.8¢/lb and declined by 3.5¢/lb to 54.5¢/lb for 316 turnings on Friday.
LME nickel prices increased by $55/mt from Thursday with the official three-month LME Nickel contract settling at $12,144/mt on Friday. The official cash contract closed Friday at $12,073/mt, up by $63/mt from Thursday.
Stainless steel processor buying prices dropped significantly over the past week despite gains on LME nickel. Low demand from mills is driving market participants to push prices down to gain some movement in May.