US stainless steel processor buying prices declined significantly across most grades on falling LME Nickel prices on Wednesday.
The weekly Davis Index for 201 solids fell by a penny to 33¢/lb delivered processor yard on Wednesday and dropped for 301 solids by 1.9¢/lb to 44¢/lb for single truckloads.
The index for scrap 309 solids declined by 4.3¢/lb to 76.5¢/lb delivered and decreased for 310 solids by 6.5¢/lb to $1.17/lb delivered. The Davis Index for 330 solids fell significantly by 12.5¢/lb to $1.895/lb delivered processor yard.
The index for 409/410 solids decreased by $1.3/gt to $312.1/gt delivered processor yard and moved down by $2.5/gt to $379.3/gt for 430 solids delivered.
A volatile LME Nickel market has seen stainless steel processor buying prices trending down since the end of last week. However, some processors are still seeing regional variance in pricing because the inventory levels in some areas are getting tighter, while others are witnessing a drop in mill demand as the market heads into the last quarter of the year.
The daily Davis Index for scrap 304 solids ticked down to 54.5¢/lb from 54.9¢/lb delivered processor yard and decreased for 316 solids to 74.5¢/lb from 74.9¢/lb for single truckloads.
The index for scrap 304 turnings fell by almost a penny to 51¢/lb delivered but increased for 316 turnings by the same amount to 66¢/lb for single truckloads.
LME Nickel prices fell by $89/mt from Tuesday with the official three-month LME Nickel contract settling at $14,423/mt on Wednesday. The official cash contract closed Wednesday at $14,385/mt down by $85/mt from Tuesday.