US stainless steel processor buying prices were flat on Thursday as supply remained tight.
The daily Davis Index for 304 scrap solids remained at 50¢/lb delivered processor yard while 316 solids were flat at 71¢/lb for single truckloads. Scrap 304 turnings held at 45¢/lb with the Index for 316 turnings remaining at 62¢/lb.
LME nickel prices increased by $5/mt from Wednesday with the official three-month LME Nickel contract settling at $13,080/mt on Thursday. The official cash contract closed Thursday at $12,800/mt, up by $5/mt from Wednesday.
Market participants believe that the increase in scrap buying prices seen this week is more a reflection of slow incoming material and less due to increasing LME nickel prices.