US stainless steel processor buying prices decreased across most grades on Monday.
The daily Davis Index for scrap 304 solids declined by a penny to 46.6¢/lb delivered processor yard and remained unchanged for 316 solids to 67.5¢/lb for single truckloads.
The index for scrap 304 turnings and 316 turnings declined by 1.5¢/lb each to 43¢/lb delivered and 58¢/lb delivered, respectively.
LME nickel prices increased by $219/mt from Friday with the official three-month LME Nickel contract settling at $13,308/mt on Monday. The official cash contract closed Monday at $13,242/mt, up by $202/mt from Friday.
Weak demand from domestic mills, a surge in COVID-19 cases across the US, and the upcoming elections are putting downward pressure on stainless steel prices according to processors. Tight supply from vendors is also adding to the overall downward trend in the market. However, some participants are seeing good demand in the export market that is keeping them busy.