US stainless steel processor buying prices were flat across most grades on Friday.
The daily Davis Index for scrap 304 solids rose to 50.2¢/lb from 50¢/lb delivered processor yard, while it held for 316 solids at 69.5¢/lb for single truckloads.
The index for scrap 304 turnings remained at 46¢/lb and was flat for 316 turnings at 61.5¢/lb delivered.
LME nickel prices decreased by $370/mt from Thursday with the official three-month LME Nickel contract settling at $13,108/mt on Friday. The official cash contract closed Friday at $13,070/mt, down by $355/mt from Thursday.
Demand from domestic mills has stabilized from the high levels witnessed over the past few weeks that had resulted in an insufficient supply of the material. With mill demand normalizing, processors expect stainless-steel scrap prices to move within a narrow range, at least until demand or supply rises.