US stainless steel processor buying prices increased in tandem with rising LME nickel prices on Thursday.
The daily Davis Index for scrap 304 solids increased by 2.7¢/lb to 73¢/lb delivered processor yard and rose for 316 solids by 2.5¢/lb to 95.5¢/lb for single truckloads.
The index for scrap 304 turnings moved up by 1.8¢/lb to 66.5¢/lb delivered and increased for 316 turnings by 0.9¢/lb to 84.2¢/lb delivered processor yard.
LME nickel prices increased by $387/mt from Wednesday with the official three-month LME Nickel contract settling at $16,467/mt on Thursday. The official cash contract closed Thursday at $16,434/mt, up by $394/mt from Wednesday.
Stainless steel processor buying prices have inched up on consistent mill demand and a rising LME Nickel market over the last two days. However, processors are cautious amid the uncertainties caused by volatility in the base metals markets throughout this week.