US stainless steel processor buying prices grew for 304 solids but were rangebound for other stainless steel scrap grades following rising LME nickel prices in a sluggish market.
The daily Davis Index for 304 solids rose by 2.6¢/lb to 92.7¢/lb delivered processor yard and inched down for 316 solids by 0.4¢/lb to $1.18/lb for single truckloads.
Scrap 304 turnings dropped by 0.3¢/lb to 86¢/lb delivered and grew for 316 turnings by 0.4¢/lb to 1.073¢/lb, delivered processor yard.
LME nickel prices increased by $235/mt from Friday with the official three-month LME Nickel contract settling at $19,705/mt on Monday. The official cash contract closed Monday at $19,705/mt, up by $233/mt from Friday.
The market has been subdued since the beginning of last week with most grades moving rangebound. Still, the demand for 304 solids remains strong and participants expect this grade to trend higher, especially with LME nickel prices rising this week.