US stainless steel processor buying prices increased across all grades on Monday amidst rising LME nickel prices.
The daily Davis Index for scrap 304 solids rose by 3.5¢/lb to 66.5¢/lb delivered processor yard and was up by 3.2¢/lb for 316 solids to 87.5¢/lb for single truckloads.
The index for scrap 304 turning jumped up by 3.2¢/lb to 61.5¢/lb and increased by 3.3¢/lb for 316 turnings to 79.5¢/lb delivered processor yard.
LME nickel price was up by $397/mt from Friday with the official three-month LME Nickel contract settling at $17,651/mt on Monday. The official cash contract closed Monday at $17,594/mt, up by $402/mt from Friday.
Stainless steel processor buying prices have been on the rise for the past month and are continuing the trend as demand from the mills grows. Adding to this, rising LME nickel prices are pushing buyer prices further up. Some participants are expecting demand to remain at similar levels in January.