US stainless steel processor buying prices trended down across all grades on Monday.
The daily Davis Index for scrap 304 solids dropped to 45.5¢/lb from 45.7¢/lb delivered processor yard and fell for 316 solids by 2.5¢/lb to 62.5¢/lb for single truckloads.
The index for scrap 304 turnings declined to 40.8¢/lb from 41.5¢/lb and decreased for 316 turnings by 2.5¢/lb to 55.5¢/lb.
LME nickel prices fell by $220/mt from Friday with the official three-month LME Nickel contract settling at $12,575/mt on Monday. The official cash contract closed Monday at $12,503/mt, down by $230/mt from Friday.
Lack of demand and uncertainty in the market has kept stainless steel prices volatile over the last week. Processors are seeing prices move in tandem with LME nickel, but remain unsure about when demand and supply will balance to more normal levels.