US stainless steel processor buying prices increased for 304 grades and dropped for 316 grades amidst declining LME nickel prices on Monday.
The daily Davis Index for scrap 304 solids inched up by 0.2¢/lb to 75¢/lb delivered and decreased for 316 solids by 0.5¢/lb to 97.5¢/lb delivered processor yard for single truckloads.
Meanwhile, the index for scrap 304 turnings was up by 2.8¢/lb to 70.5¢/lb delivered and 316 turnings fell by a penny to 87¢/lb delivered processor yard.
LME nickel prices were down by $416/mt from Friday with the official three-month LME Nickel contract settling at $16,262/mt on Thursday. The official cash contract closed Monday at $16,220/mt, down by $409/mt from Friday.
Stainless steel processor buying prices have not moved much despite declining LME Nickel prices, owing to increasing demand. In spite of a quiet market last week, market participants remain bullish in the near-term on an expected increase in consumption from the new infrastructure plan proposed by the Biden administration.