US stainless steel processor buying prices increased across all grades on Wednesday in tandem with rising LME nickel prices.
The weekly Davis Index for 201 solids inched up by 0.3¢/lb to 47¢/lb delivered processor yard on Wednesday and rose for 301 solids by 5.2¢/lb to 65.5¢/lb for single truckloads.
Scrap 309 solids increased by 0.3¢/lb to $1.05/lb delivered while 310 solids roseby 4.5¢/lb to $1.62/lb delivered. The weekly Davis Index for 330 solids lifted by 8¢/lb to $2.68/lb delivered processor yard.
The index for 409/410 solids rose by $10.5/gt to $470.7/gt delivered processor yard and increased by $31/gt to $568/gt for 430 solids delivered.
A strong LME Nickel market has spurred stainless steel processor buying prices this week. Mill demand also remains firm, though market participants are seeking more clarity on these trends that could lift prices further in March.
The daily Davis Index for scrap 304 solids grew by 1.4¢/lb to 76.6¢/lb delivered processor yard and inched up for 316 solids by 0.6¢/lb to $1.014/lb for single truckloads.
The index for scrap 304 turnings increased by 0.6¢/lb to 71.8¢/lb delivered and rose for 316 turnings by 0.7¢/lb to 90.7¢/lb for single truckloads.
LME nickel prices increased by $148/mt from Tuesday with the official three-month LME Nickel contract settling at $19,402/mt on Wednesday. The official cash contract closed Wednesday at $19,352/mt up by $126/mt from Tuesday.