US stainless steel processor buying prices rose on Monday following steady demand and increased LME nickel prices last week.
The daily Davis Index for 304 solids was up by 2¢/lb to 79.7¢/lb delivered processor yard and was up for 316 solids by 4.7¢/lb to $1.057/lb for single truckloads.
Scrap 304 turnings climbed 2.2¢/lb to 75.7¢/lb delivered and increased for 316 turnings by 2.8¢/lb to 95.3¢/lb, delivered processor yard.
LME nickel prices were down by $15/mt from Friday with the official three-month contract settling at $18,307/mt on Monday. The official cash contract closed at $18,276/mt today, down by $27/mt from Friday.
The fall in LME nickel prices after rising by more than $500/mt to over $18.000/mt on Friday has not impacted stainless steel processor buying prices today. Demand for stainless steel scrap has been strong since the beginning of the month, which has put upward pressure on the processor buying prices.