US stainless steel processor buying prices were mostly flat across all grades in a sluggish market on Monday.
The daily Davis Index for 304 solids inched up by 0.2¢/lb to 77.7¢/lb delivered processor yard and was flat for 316 solids at $1.04/lb for single truckloads.
Scrap 304 turnings rose by 0.3¢/lb to 73.3¢/lb and was flat at 94¢/lb, delivered processor yard for 316 turnings.
LME nickel prices climbed by $4/mt from Friday with the official three-month LME Nickel contract settling at $17,346/mt on Monday. The official cash contract closed Monday at $17,310/mt, down by $10/mt from Friday.
Stainless steel processor buying prices are trending flat following softening demand and rangebound LME Nickel prices resulted in subdued trade. Processors are still gauging the market to determine if demand is likely to weaken further over the next month.