US stainless steel processor buying prices dropped slightly across most grades amid decreasing LME nickel prices on Tuesday.
The daily Davis Index for scrap 304 solids fell by almost a penny to 57¢/lb delivered processor yard and declined by 1¢/lb for 316 solids to 76¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 53¢/lb delivered and inched down by 0.9¢/lb for 316 turnings to 69¢/lb delivered.
LME nickel prices fell by $114/mt from Monday with the official three-month LME Nickel contract settling at $15,132/mt on Tuesday. The official cash contract closed Tuesday at $15,090/mt, down by $120/mt from Monday.
Stainless prices have mostly remained flat across most grades with very little changes in the past few weeks due to continued mill demand, according to some market participants. However, prices could drop if the LME nickel prices continue slipping.