US stainless steel processor buying prices remained unchanged on Thursday amid tight supply for some grades.
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.
Scrap 304 turnings also held at 46¢/lb, while 316 turnings dropped by a penny to 61¢/lb.
LME nickel prices dropped by $260/mt from Wednesday with the official three-month LME Nickel contract closing at $12,365/mt on Thursday. The official cash contract closed Thursday at $12,280/mt, down by $10/mt from Wednesday.
A consistent drop in LME nickel prices has had minimal effect on stainless processor buying prices as supply remains tight.
Processors scrambled for 304 blends at the beginning of this week, which lead to an increase in prices that are yet to drop. Market participants expect prices to fall once material turns surplus in the market.