US stainless steel processor buying prices increased this week following strong mill demand.
The daily Davis Index for 304 solids rose by 0.3¢/lb to 89.1¢/lb delivered processor yard and was up for 316 solids by 0.5¢/lb to $1.162/lb for single truckloads.
Scrap 304 turnings grew by 0.2¢/lb to 84.6¢/lb delivered and increased for 316 turnings by 0.1¢/lb to 1.059¢/lb, delivered processor yard.
LME nickel prices were up by $160/mt from Wednesday with the official three-month contract settling at $18,745/mt on Thursday. The official cash contract closed at $18,695/mt today, up by $6/mt from yesterday.
Continued robust demand and a prolonged supply tightness have kept stainless steel processor buying prices upward again this week. LME nickel prices also seem to be holding momentum over the last few days.