US stainless steel processor buying prices trended sideways amid subdued trading despite a rise in LME Nickel prices.
The daily Davis Index for scrap 304 solids inched down by 0.2¢/lb to 76.5¢/lb delivered processor yard and was flat for 316 solids at 99.5¢/lb for single truckloads.
Scrap 304 turnings also remained at 72.5¢/lb delivered and inched up for 316 turnings by 0.3¢/lb to 89.5¢/lb delivered processor yard.
LME nickel prices rose by $78/mt from Thursday with the official three-month LME Nickel contract settling at $18,053/mt on Friday. The official cash contract closed Friday at $18,025/mt, up by $82/mt from Thursday.
Lower demand from mills has kept trades sluggish and prices rangebound through most of the week. Processors expect prices to remain within this range until the end of this quarter and then drop. Still, some processors expect the strength in LME Nickel to lift stainless-steel scrap prices in the near term.