US stainless steel processor buying prices were rangebound on Thursday amid strong demand, despite a fall in LME Nickel prices.
The daily Davis Index for 304 solids inched down by 0.2¢/lb to 76.8¢/lb delivered processor yard and fell by the same amount for 316 solids to 99.5¢/lb for single truckloads.
Scrap 304 turnings and 316 turnings remained unchanged at 72¢/lb and 91¢/lb delivered processor yard, respectively.
LME nickel prices declined by $201/mt from Wednesday with the official three-month LME Nickel contract settling at $17,972/mt on Thursday. The official cash contract closed Thursday at $17,945/mt, down by $188/mt from Wednesday.
Robust demand from mills has balanced the fall in LME Nickel prices this week and kept stainless steel processor buying prices sideways at the beginning of June. Processors expect this trend to continue even if LME Nickel falls further as they foresee demand remaining strong throughout June.