US stainless steel processor buying prices rose slightly across all grades on Friday.
The daily Davis Index for scrap 304 solids rose by a penny to 58¢/lb delivered processor yard, and 316 solids inched up to 77.2¢/lb from 77¢/lb for single truckloads.
The index for scrap 304 turnings also ticked up to 52.5¢/lb from 52.2¢/lb, while 316 turnings increased to 68.8¢/lb from 68.6¢/lb delivered.
The LME Nickel price rose by $171/mt from Thursday, with the official three-month LME Nickel contract settling at $14,967/mt on Friday. The official cash contract closed Friday at $14,935/mt, rising by $187/mt from Thursday.
Stainless steel prices moved within a very short range this week because strong demand from mills has been balanced by dropping LME Nickel prices. Processors have cited small material shortages as the reason they don’t expect prices to decrease any time soon. However, they’re cautious about how the market will perform because of the upcoming US presidential election.