US stainless steel processor buying prices were mixed on Wednesday following volatile LME nickel prices.
The weekly Davis Index for 201 solids inched down by 0.7¢/lb to 50.3¢/lb delivered processor yard and was down for 301 solids by 2.9¢/lb to 62.3¢/lb for single truckloads.
Scrap 309 solids fell by 0.02¢/lb to $1/lb delivered and was up for 310 solids by 3¢/lb to $1.54/lb delivered. The weekly Davis Index for 330 solids increased by 7.2¢/lb to $2.469/lb delivered processor yard.
The index for 409/410 solids was up by $31.1/gt to $577.6/gt delivered processor yard and it increased by $14.1/gt to $653.9/gt for 430 solids delivered.
A volatile LME Nickel market has resulted in varying trends in daily and weekly processor buying prices. The latter has moved according to demand from mills in June, which is anticipated to remain strong. Participants are buying enough material to keep the market busy and prices balanced. That said, the decline in LME nickel prices today has weighed on the daily processor buying prices.
Scrap 304 solids decreased by 2.3¢/lb to 75¢/lb delivered processor yard and dropped for 316 solids by 3.8¢/lb to 96.3¢/lb for single truckloads.
The index for scrap 304 turnings was down by 4.1¢/lb to 69.3¢/lb delivered and fell for 316 turnings by 3.7¢/lb to 86.7¢/lb for single truckloads.
LME nickel prices decreased by $457/mt from Tuesday with the official three-month contract settling at $17,702/mt on Wednesday. The official cash contract closed at $17,680/mt today down by $462/mt from yesterday.