US stainless steel processor buying prices rose slightly across most grades on Thursday on increasing demand.
The daily Davis Index for scrap 304 solids remained at 53.4¢/lb delivered processor yard but increased for 316 solids to 72.1¢/lb delivered from 72¢/lb for single truckloads.
The index for scrap 304 turnings moved up to 46.8¢/lb delivered from 46.4¢/lb delivered and rose for 316 turnings to 63.7¢/lb delivered from 63.5¢/lb delivered.
LME nickel prices declined by $32/mt from Wednesday with the official three-month LME Nickel contract settling at $14,186/mt on Thursday. The official cash contract closed Thursday at $14,106/mt, down by $61/mt from Wednesday.
Many mixed market trends have kept the stainless-steel processor buying prices moving within a narrow range since the beginning of August. On one hand, declining LME nickel prices and a perceived demand drop in some regions are putting downward pressure on stainless prices. On the other hand, the domestic ferrous market which settled with strong regional variances has compelled processors to adopt a wait and watch approach to gauge the direction of the market.