US stainless steel processor buying price rose for 304 and 316 turnings and dropped for solids on Thursday.
The daily Davis Index for scrap 304 solids decreased by 0.5¢/lb to 52.2¢/lb delivered processor yard and moved down for 316 solids by 0.4¢/lb to 73.3¢/lb for single truckloads.
The index for scrap 304 turnings inched up by 0.5¢/lb to 48.2¢/lb delivered and increased by the same amount for 316 turnings to 66.5¢/lb delivered processor yard.
LME nickel prices fell by $361/mt from Wednesday with the official three-month LME Nickel contract settling at $15,740/mt on Thursday. The official cash contract closed Thursday at $15,738/mt, down by $357/mt from Wednesday.
Fluctuations in the LME Nickel have resulted in volatility in stainless steel processor buying prices over the past few days. That said, the overall market is slowing down as the year end approaches, with domestic mills trying to dispose of their inventories as soon as possible.