US stainless steel processor buying price decreased by 1-1.3¢/lb across most grades amid falling mill demand.
The daily Davis Index for scrap 304 solids declined by 1.3¢/lb to 53.2¢/lb delivered processor yard and fell for 316 solids by 1.2¢/lb to 73.3¢/lb for single truckloads.
The index for scrap 304 turnings dropped by 1.1¢/lb to 49.9¢/lb delivered but held at 66¢/lb delivered for 316 turnings.
LME Nickel prices rose by $56/mt from Wednesday with the official three-month LME Nickel contract settling at $14,479/mt on Thursday. The official cash contract closed Thursday at $14,430/mt, up by $45/mt from Wednesday.
Mills are cutting their tonnages and their demand is softening, which, in turn, has pushed down the stainless-steel processor buying prices this week. In fact, processors, expecting further cuts in November, have become cautious about buying more material as they do not want to increase their inventories towards the end of the year when buying activity typically slows down.