US stainless steel processor buying prices were mostly flat across all grades on Friday, with marginal change amid increasing LME nickel prices.
The daily Davis Index for scrap 304 solids was flat at 53.4¢/lb delivered processor yard, while the index for 316 solids decreased, albeit negligibly, to 72¢/lb from 72.1¢/lb for single truckloads.
The index for scrap 304 turnings fell to 46.6¢/lb from 46.8¢/lb, and dropped for 316 turnings to 63.5¢/lb from 63.7¢/lb delivered.
LME nickel prices increased on Friday by $113/mt from a day earlier, with the official three-month LME nickel contract settling at $14,299/mt. The official cash contract closed Friday at $14,235/mt, rising by $129/mt from Thursday.
Processors have found demand for stainless steel to be consistent. However, they expect demand to decline moving forward, which could cause prices to fall. With uncertainty in the ferrous market and fluctuating LME nickel prices, stainless steel processor buying prices were relatively sideways this week.