US stainless steel processor buying prices remained unchanged for 304 solids and 316 solids and turnings while scrap 304 turnings moved up by a penny as supply for the grade tightened.
The daily Davis Index for 304 scrap solids remained at 51¢/lb delivered processor yard and the index for 316 solids was unchanged at 71¢/lb for single truckloads.
The index for scrap 304 turnings increased by 1¢ to 47¢/lb, while 316 turnings held at 61¢/lb.
Market participants are seeing a the supply of 304 turnings tightening with some willing to pay 48¢/lb for the grade.
LME nickel prices dropped by $115/mt from Thursday with the official three-month LME Nickel contract settling at $12,250/mt on Friday. The official cash contract closed Thursday at $12,160/mt, down by $120/mt from Thursday.
The falling LME nickel prices are not affecting stainless steel processor buying prices that continue to hold with an upward pressure.