US stainless steel processor buying prices inched up across most grades on increasing LME nickel prices on Thursday.
The daily Davis Index for scrap 304 solids remained unchanged at 74.8¢/lb delivered processor yard and increased for 316 solids by 0.5¢/lb to 95.3¢/lb for single truckloads.
The index for scrap 304 turnings inched up by 0.4¢/lb to 70¢/lb delivered and rose for 316 turnings by 0.8¢/lb to 86.3¢/lb delivered processor yard.
LME nickel prices increased by $117/mt from Wednesday with the official three-month LME Nickel contract settling at $18,651/mt on Thursday. The official cash contract closed Thursday at $18,599/mt, up by $115/mt from Wednesday.
Rising stainless steel processor buying prices have turned rangebound this week on the drops in February settled prices in the domestic ferrous market. However, the increase in LME Nickel and strong demand from mills have kept the prices from declining.