US stainless steel processor buying prices were flat on Wednesday as supply remained tight.
The daily Davis Index for 304 scrap solids remained at 51¢/lb delivered processor yard and the index for 316 solids was flat at 71¢/lb for single truckloads.
The indices for scrap 304 turnings and 316 turnings also held at 46¢/lb and 62¢/lb, respectively.
The weekly Davis Index for 201 solids remained at 30¢/lb and dropped by a penny to 40¢/lb for 301 solids on Wednesday. The index for scrap 309 solids also dropped by 2¢/lb to 72¢/lb and moved down by 4¢/lb for scrap 310 solids to $1.12/lb.
LME nickel prices remained unchanged on Tuesday with the official three-month LME Nickel contract closing at $12,625/mt on Wednesday. The official cash contract closed on Wednesday at $12,290/mt, down by $250/mt from Tuesday.
Some market participants are still not seeing lower numbers on 304 solids, despite buying higher quantities of material. Dropping nickel prices have not impacted stainless steel processor buying prices yet due to tight supply of the material.