US stainless steel processor buying prices were rangebound on Friday following declining demand and increasing LME nickel prices.
The daily Davis Index for 304 solids remained at 74¢/lb delivered processor yard and decreased for 316 solids by 0.6¢/lb to 97.7¢/lb for single truckloads.
Scrap 304 turnings was down by 0.7¢/lb to 68.3¢/lb delivered and fell for 316 turnings by 0.3¢/lb to 88.7¢/lb delivered processor yard.
LME nickel prices were up by $433/mt from Thursday with the official three-month contract settling at $17,843/mt on Friday. The official cash contract closed at $17,811/mt today, up by $447/mt from yesterday.
Stainless steel processor buying prices are gradually seeing a downward trend as May comes to a close and most of the buying for next month has been done. Projected demand for July appears to be soft with no expectations of prices to increase. That said, market uncertainties continue as processors are still trying to gauge the next trend.