US stainless steel processor buying prices trended flat on Monday in a slow market due to the Easter weekend.
The daily Davis Index for scrap 304 solids decreased by 0.7¢/lb to 74.3¢/lb delivered processor yard and held unchanged for 316 solids at 96.8¢/lb for single truckloads.
The index for scrap 304 turnings dropped by 1¢/lb to 66.7¢/lb delivered and fell for 316 turnings by 0.7¢/lb to 86.8¢/lb delivered processor yard.
LME nickel prices were down by $102/mt from Mar 31 with the official three-month LME Nickel contract settling at $16,048/mt on Apr 1. The official cash contract closed Apr 1 at $16,001/mt, down by $97/mt from Mar 31. The LME market was closed on Monday for Easter.
The stainless steel market has turned sluggish due to the volatile LME Nickel market, despite strong demand from domestic steel mills. Participants believe that the latter has kept stainless steel processor prices from fluctuating too much, but they remain cautious about their buying volumes to avoid risking steep price declines should the market turn volatile.