US stainless steel weekly processor buying prices were rangebound but weekly prices mixed even as LME nickel prices continued to climb on Wednesday.
The weekly Davis Index for 201 solids rose by 0.3¢/lb to 56.3¢/lb delivered processor yard and inched down for 301 solids by 0.2¢/lb to 76.3¢/lb for single truckloads.
Scrap 309 solids rose by 2.3¢/lb to $1.203/lb delivered and moved up for 310 solids by 3.7¢/lb to $1.837/lb delivered. Scrap 330 solids inched up by 0.3¢/lb to $2.905/lb delivered processor yard.
For 409/410 solids, the index decreased by $25.8/gt to $702.3/gt delivered processor yard and fell by $7.1/gt to $806.8/gt for 430 solids delivered.
The LME nickel prices have fluctuated over the last week and a half, leading to mixed buying sentiment. Mill demand for September looks to be subdued in a booming export market that may nudge prices upward. Participants have taken a wait and watch approach to gauge trends and volatility.
The daily Davis Index for scrap 304 solids inched up by 0.1¢/lb to 90.3¢/lb delivered processor yard and was flat for 316 solids at $1.208/lb for single truckloads.
Scrap 304 turnings rose by 0.2¢/lb to 86¢/lb delivered and inched up for 316 turnings by 0.2¢/lb to $1.11/lb for single truckloads.
LME nickel prices were up from Tuesday by $295/mt with the official three-month LME Nickel contract settling at $18,875/mt on Wednesday. The official cash contract closed at $19,225/mt today, up by $185/mt from yesterday and up by $206/mt from $19,019/mt on Aug 18.