US stainless steel processor buying prices varied according to grade on Thursday amid declining LME nickel prices.
The daily Davis Index for scrap 304 solids fell by 0.9¢/lb to 73.9¢/lb delivered processor yard and rose for 316 solids by 0.1¢/lb to 95.9¢/lb for single truckloads.
The index for scrap 304 turnings declined by 0.4¢/lb to 71.4¢/lb delivered and increased for 316 turnings by 1.1¢/lb to 86.9¢/lb delivered processor yard.
LME nickel prices slid by $171/mt from Wednesday with the official three-month LME Nickel contract settling at $16,012/mt on Thursday. The official cash contract closed Thursday at $15,984/mt, down by $149/mt from Wednesday.
An uncertainty in near-term demand has made processors cautious while buying stainless steel scrap, especially as the volatile LME nickel market has affected stainless steel processor buying prices this month.