US stainless steel processor buying prices remained unchanged for 304 solids and 316 solids and turnings on Friday, while declining for 304 turnings.
The daily Davis Index for 304 scrap solids remained at 53¢/lb delivered processor yard, and 316 solids was also flat at 71¢/lb for single truckloads.
Scrap 304 turnings decreased by a penny to 46¢/lb, while 316 turnings settled at 63¢/lb.
LME nickel prices dropped by $260/mt from Thursday with the official three-month LME Nickel contract settling at $12,530/mt on Friday. The official cash contract closed Friday at $12,440/mt, down by $245/mt from Thursday.
With tight supplies and high demand from domestic mills, processors have not seen any price declines in the last couple of weeks. However, with LME nickel prices now decreasing, they see price declines as a real possibility.