US stainless steel processor buying prices were mixed after LME Nickel prices inched up on Wednesday.
The weekly Davis Index for 201 solids increased by 3.3¢/lb to 50.3¢/lb delivered processor yard and was up for 301 solids by 2.8¢/lb to 62.8¢/lb for single truckloads.
Scrap 309 solids dropped by 1.3¢/lb to 92.2¢/lb delivered and fell for 310 solids by 3.5¢/lb to $1.42/lb delivered. The weekly Davis Index for 330 solids declined by 2.8¢/lb to $2.327/lb delivered processor yard.
The index for 409/410 solids was up by $8.3/gt to $460.8/gt delivered processor yard and increased by $65.3/gt to $632.3/gt delivered for 430 solids.
Stainless steel processor buying prices have trended sideways amid a rangebound LME Nickel market and a hesitancy by processors to purchase more scrap. Still, demand is expected to strengthen which could push prices up in the near term.
The daily Davis Index for scrap 304 solids fell by 0.2¢/lb to 75.8¢/lb delivered processor yard and decreased for 316 solids by a penny to 97¢/lb for single truckloads.
The index for scrap 304 turnings was down by 0.3¢/lb to 71.7¢/lb delivered and fell for 316 turnings by half a penny to 87.7¢/lb for single truckloads.
LME nickel prices increased by $45/mt from Tuesday with the official three-month LME Nickel contract settling at $16,257/mt on Wednesday. The official cash contract closed Wednesday at $16,205/mt up by $32/mt from Tuesday.