US stainless steel processor buying prices increased for 304 solids and turnings on Tuesday.
The daily Davis Index for scrap 304 solids increased to 44.5¢/lb delivered processor yard, up from 44.3¢/lb and dropped by 2.5¢/lb for 316 solids to 61¢/lb for single truckloads.
The index for scrap 304 turnings jumped to 40.7¢/lb from 40.3¢/lb and remained unchanged for 316 turnings at 53.9¢/lb.
LME nickel prices increased by $313/mt from Monday with the official three-month LME nickel contract settling at $12,349/mt on Tuesday. The official cash contract closed Tuesday at $12,300/mt, up by $350/mt from Monday.
Stainless steel prices have seen consistent increase in the last couple of weeks with some processors buying aggressively and creating tight market supply despite lower demand for the material. Market participants remain unsure about demand from domestic mills in the coming months despite manufacturing facilities and automotive factories resuming operations.