US stainless steel processor buying prices were flat across most grades on Friday.
The daily Davis Index for scrap 304 solids remained at 53.5¢/lb delivered processor yard and was unchanged for 316 solids at 72¢/lb for single truckloads.
The index for scrap 304 turnings was also flat at 47¢/lb delivered and increased for 316 turnings to 62.9¢/lb delivered from 62.7¢/lb delivered.
LME nickel prices fell by $54/mt from Thursday with the official three-month LME Nickel contract settling at $14,379/mt on Friday. The official cash contract closed Friday at $14,335/mt, down by $46/mt from Thursday.
An uptick in demand from mills as well as rising nickel prices have driven up the processor buying prices, though some processors are noticing 316 exports prices have become stronger compared to domestic prices, while domestic prices seem stronger for the 304 solids.