US stainless steel processor buying prices were mixed and rangebound for weekly and daily prices on Wednesday.
The weekly Davis Index for 201 solids fell by 1¢/lb to 58.1¢/lb delivered processor yard and decreased for 301 solids by 2.1¢/lb to 77.2¢/lb for single truckloads.
Scrap 309 solids dropped by 0.5¢/lb to $1.141/lb delivered and moved up for 310 solids by 0.3¢/lb to $1.763/lb delivered. Scrap 330 solids rose by 3.1¢/lb to $2.857/lb delivered processor yard.
For 409/410 solids, the index decreased by $27.3/gt to $649.7/gt delivered processor yard and declined by $35.5/gt to $746.8/gt for 430 solids delivered.
Weekly prices declined this week with little movement and participants still gauging the market for the new month. However, daily prices have been rangebound on strong mill demand. Processors are expecting this upward momentum from July to continue into the near term.
The daily Davis Index for scrap 304 solids dropped by 0.6¢/lb to 93.2¢/lb delivered processor yard and inched down for 316 solids at by 0.3¢/lb to $1.216/lb for single truckloads.
Scrap 304 turnings fell by 0.3¢/lb to 87.7¢/lb delivered and decreased for 316 turnings by 0.6¢/lb to $1.102/lb for single truckloads.
LME nickel prices were down by $145/mt from Tuesday, with the official three-month LME Nickel contract settling at $19,260/mt on Wednesday. The official cash contract closed at $19,448/mt today, up by $124/mt from yesterday, and down by $152/mt from $19,600/mt on Jul 28.