US stainless steel processor buying prices were rangebound across all grades on declining LME nickel prices on Friday.
The daily Davis Index for scrap 304 solids remained unchanged at 74.8¢/lb delivered processor yard and increased for 316 solids by 0.2¢/lb to 98¢/lb for single truckloads.
Scrap 304 turnings rose by 0.2¢/lb to 67.7¢/lb delivered and 316 turnings held unchanged at 88¢/lb delivered processor yard.
LME nickel prices were down by $140/mt from Thursday with the official three-month LME Nickel contract settling at $16,678/mt on Friday. The official cash contract closed Friday at $16,629/mt, down by $149/mt from Thursday.
The stainless steel market was subdued this week as participants tried to gauge the changes in pricing depending on where the ferrous market settles. Additionally, LME nickel prices were rangebound during the week after some big swings throughout March, which kept the prices rangebound for the most part. However, some processors are expecting an increase in demand in the medium term as the new infrastructure plan comes into action.