US stainless steel processor buying prices were mixed amid declining LME nickel prices and tightening supply.
The weekly Davis Index for 201 solids increased by 1.8¢/lb to 46.8¢/lb delivered processor yard and was up for 301 solids by 5¢/lb to 62¢/lb for single truckloads.
Scrap 309 solids remained at 93.5¢/lb delivered and rose for 310 solids by 3¢/lb to $1.45/lb delivered. The weekly Davis Index for 330 solids grew by 6.5¢/lb to $2.33/lb delivered processor yard.
The index for 409/410 solids declined by $4.5/gt to $455/gt delivered processor yard and dropped by $33.5/gt to $571.5/gt for 430 solids delivered.
A fluctuating LME Nickel market has caused price volatility for stainless steel scrap over the past moSurenth. Participants are now observing the tightening supply trends along with stainless steel scrap prices to gauge the right time to sell their material and increase their profit margins. However, processors are done buying for April and are cautious about further purchases, preferring to wait for a few days to make their next move.
The daily Davis Index for scrap 304 solids fell by 1.5¢/lb to 72¢/lb delivered processor yard and increased for 316 solids by 0.5¢/lb to 96¢/lb for single truckloads.
The index for scrap 304 turnings dropped by 2¢/lb to 64¢/lb delivered and fell for 316 turnings by 0.5¢/lb to 86¢/lb for single truckloads.
LME nickel prices decreased by $209/mt from Tuesday with the official three-month LME Nickel contract settling at $16,150/mt on Wednesday. The official cash contract closed Wednesday at $16,098/mt down by $229/mt from Tuesday.