US stainless steel processor buying prices increased in tandem with rising LME Nickel prices on Monday.
The daily Davis Index for scrap 304 solids rose by 0.4¢/lb to 77.2¢/lb delivered processor yard and inched up for 316 solids by 0.3¢/lb to 99.3¢/lb for single truckloads.
Scrap 304 turnings climbed by 0.4¢/lb to 73.2¢/lb and rose for 316 turnings by 0.3¢/lb to 90.3¢/lb delivered processor yard.
LME nickel prices rose by $295/mt from Friday with the official three-month LME Nickel contract settling at $17,728/mt on Monday. The official cash contract closed on Monday at $17,723/mt, up by $319/mt from Friday.
An increase in LME Nickel prices since the end of last week has pushed up the prices for stainless steel processor buying scrap. Still, processors remain cautious about buying material to avoid being overstocked given a mixed demand trend from mills this month.