US stainless steel processor buying prices increased across most grades on Wednesday.
The weekly Davis Index for 201 solids rose by 4¢/lb to 28.5¢/lb delivered processor yard on Wednesday but dropped for 301 solids by 1.1¢/lb to 35.7¢/lb for single truckloads.
The index for scrap 309 solids ticked up by 1.9¢/lb to 65.7¢/lb delivered and decreased for 310 solids by 1.3¢/lb to 94.7¢/lb delivered. The Davis Index for 330 solids moved up by 1.9¢/lb to $1.523/lb delivered processor yard.
The index for 409/410 solids also increased by $11/gt to $253.9/gt delivered processor yard while it declined for 430 solids by $41.2/gt to $335.9/gt delivered.
Stainless steel processor buying prices have been fluctuating over the past few days as processors try to gauge the demand from mills. With the economy reopening gradually, participants expect some increase in demand, which could lead to a further rise in processor buying prices.
The daily Davis Index for scrap 304 solids rose by 2.7¢/lb to 47¢/lb delivered processor yard but surged by 6.2¢/lb for 316 solids to 67¢/lb for single truckloads.
The index for scrap 304 turnings increased by 2.2¢/lb to 42.5¢/lb and jumped up for 316 turnings by 1.5¢/lb to 54.5¢/lb.
LME nickel prices increased by $73/mt from Tuesday with the official three-month LME Nickel contract settling at $12,952/mt on Wednesday. The official cash contract closed Wednesday at $12,881/mt, up by $77/mt from Tuesday.