US stainless steel processor buying prices dropped amidst declining LME nickel prices on Wednesday.
The weekly Davis Index for 201 solids decreased by 1.1¢/lb to 49.2¢/lb delivered processor yard and was down for 301 solids by 2.2¢/lb to 60.6¢/lb delivered for single truckloads.
Scrap 309 solids dropped by 0.5¢/lb to 91.7¢/lb delivered and fell for 310 solids by 2.7¢/lb to $1.393/lb delivered. The weekly Davis Index for 330 solids declined by 8.8¢/lb to $2.239/lb delivered processor yard.
The index for 409/410 solids was up by $14.5/gt to $475.3/gt delivered processor yard, and it decreased by $9/gt to $614.3/gt for 430 solids delivered.
Stainless steel processor buying prices have gradually declined through the week on softening demand from domestic mills and a rangebound LME nickel market. Buying sentiment is cautious to avoid inventory over-stocking, as demand isn’t expected to increase in the near term.
The daily Davis Index for scrap 304 solids fell by 1.5¢/lb to 72.8¢/lb delivered processor yard and decreased for 316 solids by 0.1¢/lb to 94.2¢/lb for single truckloads.
Scrap 304 turnings was down by 0.9¢/lb to 70.4¢/lb delivered and fell for 316 turnings by 0.2¢/lb to 84.3¢/lb for single truckloads.
LME nickel prices decreased by $77/mt from Tuesday, with the official three-month LME Nickel contract settling at $16,122/mt on Wednesday. The official cash contract closed at $16,085/mt on Wednesday down by $59/mt from the previous day.