US stainless steel processor buying prices rangebound on Friday as LME nickel prices inched upward.
The daily Davis Index for 304 solids rose by 0.1¢/lb to 90¢/lb delivered processor yard and increased for 316 solids by the same amount to $1.214/lb for single truckloads.
304 turnings was up by 0.2¢/lb to 85.5¢/lb and climbed for 316 turnings by the same amount to 1.115¢/lb, delivered processor yard.
LME nickel prices were up from Thursday by $200/mt with the official three-month LME Nickel contract settling at $19,005/mt on Friday. The official cash contract closed at $18,914/mt today, up by $46/mt from yesterday.
Volatility in the stainless steel market remained, with participants finding it difficult to get a reading on the trend, especially for 304 grades. Fluctuating LME nickel prices and the variation in demand and supply appear to be influencing prices. This movement will only become clear if the market stabilizes next month.