US stainless steel processor buying prices rose on Tuesday rose on Tuesday following a rise in LME Nickel prices despite subdued demand.
The daily Davis Index for 304 solids increased by 0.7¢/lb to 74.7¢/lb delivered processor yard and grew by a penny for 316 solids to 98.7¢/lb for single truckloads.
Scrap 304 turnings was up by 0.7¢/lb to 69¢/lb delivered and rose for 316 turnings by 2¢/lb to 90.7¢/lb delivered processor yard.
LME nickel prices were up by $344/mt from Friday with the official three-month contract settling at $18,187/mt on Tuesday. The official cash contract closed at $18,147/mt today, up by $336/mt from Friday. The exchange was closed on Monday, May 31.
Weak demand and slow trading defined the market on Tuesday. However, processors expect prices to remain constant and a slight uptick in demand later this month. A corresponding increase in LME nickel prices appears to be nudging stainless steel processor buying prices higher.