US stainless steel processor buying prices rose across most grades on Wednesday in tandem with the increasing LME Nickel prices.
The weekly Davis Index for 201 solids inched up by 0.3¢/lb to 39.9¢/lb delivered processor yard on Wednesday and increased for 301 solids by 2.1¢/lb to 59¢/lb for single truckloads.
The index for scrap 309 solids rose by 2.4¢/lb to 93.9¢/lb delivered and moved up for 310 solids by 5.2¢/lb to $1.472/lb delivered. The weekly Davis Index for 330 solids jumped by 8.3¢/lb to $2.403/lb delivered processor yard.
The index for 409/410 solids was up by $35.4/gt to $375.4/gt delivered processor yard and rose by $66.3/gt to $494.8/gt for 430 solids delivered.
Stainless steel processor buying prices have risen over the past few weeks and the trend seems to continue through this month as well on strong domestic mill demand and rising LME nickel prices according to market participants. That said, the processors are waiting for the ferrous market to settle this month to understand any emerging market trends.
The daily Davis Index for scrap 304 solids remained unchanged at 70¢/lb delivered processor yard and was flat for 316 solids at 90¢/lb for single truckloads.
The index for scrap 304 turnings also held at 66¢/lb delivered and rose by 0.1¢/lb to 82.6¢/lb for single truckloads.
LME Nickel prices increased by $252/mt from Tuesday with the official three-month LME Nickel contract settling at $17,828/mt on Wednesday. The official cash contract closed Wednesday at $17,796/mt down by $279/mt from Tuesday.