US stainless steel processor buying prices inched down across all grades on Monday.
The daily Davis Index for scrap 304 solids fell by 0.2¢/lb to 73.8¢/lb delivered processor yard and dropped for 316 solids by the same amount to 95.8¢/lb for single truckloads.
The index for scrap 304 turnings declined by 0.8¢/lb to 71¢/lb delivered and decreased for 316 turnings by 0.2¢/lb to 86.8¢/lb delivered processor yard.
LME nickel prices fell by $10/mt from Friday with the official three-month LME Nickel contract settling at $16,302/mt on Monday. The official cash contract closed Monday at $16,259/mt, up by $4/mt from Friday.
Uncertainty in the stainless steel scrap market persists due to the price fluctuations in the LME Nickel market and a gradual decline in demand from stainless steel mills. Processors have become cautious with their purchases to avoid overextending themselves in this market environment.