US stainless steel processor buying prices rose for most grades following strong mill demand and volatile LME nickel prices on Wednesday.
The weekly Davis Index for 201 solids rose by 0.3¢/lb to 55.3¢/lb delivered processor yard and increased for 301 solids by the same amount to 72.3¢/lb for single truckloads.
Scrap 309 solids were flat at $1.067/lb delivered while 310 solids moved up by 1¢/lb to $1.643/lb delivered. Scrap 330 solids grew by 2.6¢/lb to $2.643/lb delivered processor yard.
For 409/410 solids, the index increased by $3.9/gt to $614.2/gt delivered processor yard and grew by $10.7/gt to $722.7/gt for 430 solids delivered.
Robust demand from mills has pushed stainless steel scrap prices upwards, with processors expecting it to remain strong throughout the third quarter. Additionally, the volatility in the LME nickel prices has not affected the increasing processor buying prices.
The daily Davis Index for scrap 304 solids inched up by 0.2¢/lb to 86.5¢/lb delivered processor yard and was up for 316 solids by a penny to $1.14/lb for single truckloads.
Scrap 304 turnings grew by 1¢/lb to 82¢/lb delivered and increased for 316 turnings by 1.3¢/lb to $1.04/lb for single truckloads.
LME nickel prices declined by $230/mt from Tuesday with the official three-month LME Nickel contract settling at $18,320/mt on Wednesday. The official cash contract closed Wednesday at $18,309/mt, down by $232/mt from Tuesday, and down by $141/mt from $18,450/mt on Jun 30.