US stainless steel processor buying prices were rangebound following sluggish market movements.
The daily Davis Index for 304 solids rose by 0.4¢/lb to 90.1¢/lb delivered processor yard and was up for 316 solids by 0.1¢/lb to $1.184/lb for single truckloads.
Scrap 304 turnings grew by 0.5¢/lb to 86.3¢/lb and inched up for 316 turnings by 0.3¢/lb to 1.069¢/lb, delivered processor yard.
LME nickel prices were up by $600/mt from Thursday with the official three-month LME Nickel contract settling at $19,470/mt on Friday. The official cash contract closed at $19,267/mt today, up by $397/mt from yesterday.
Strong demand has pushed stainless steel prices higher by 3-4c/lb this past month but the week closed rangebound in a slow market. Participants are expecting some upward movement in the near term if demand and LME nickel prices increase.