US stainless steel processor buying prices increased across most grades on Wednesday.
The weekly Davis Index for 201 solids remained at 26¢/lb delivered processor yard on Wednesday but rose for 301 solids by 1.4¢/lb to 38.4¢/lb for single truckloads.
The index for scrap 309 solids ticked up by 3.1¢/lb to 69.4¢/lb delivered and increased for 310 solids by 10¢/lb to $1.049/lb delivered. The Davis Index for 330 solids moved up by 12.2¢/lb to $1.682/lb delivered processor yard.
The index for 409/410 solids was flat at $295.8/gt delivered processor yard and increased for 430 solids by $28/gt to $380.4/gt delivered.
Processors remain unsure about the sustainability of the demand pick-up seen by the market over the past few weeks. Some market participants view the trend as temporary as supply is still tight and expect prices to change very little for now.
The daily Davis Index for scrap 304 solids remained flat at 48.8¢/lb delivered processor yard but ticked up for 316 solids to 66.8¢/lb from 66.6¢/lb for single truckloads.
The index for scrap 304 turnings increased to 44.8¢/lb from 44.5¢/lb, but declined for 316 turnings to 57.2¢/lb from 57.5¢/lb.
LME nickel prices decreased by $15/mt from Tuesday with the official three-month LME Nickel contract settling at $12,577/mt on Wednesday. The official cash contract closed Wednesday at $12,510/mt, down by $31/mt from Tuesday.