US stainless steel processor buying prices rose for 304 solids and turnings and 316 solids on Monday.
The daily Davis Index for 304 scrap solids rose to 40.5¢/lb delivered processor yard from 40¢/lb delivered and rose for 316 solids to 60.4¢/lb for single truckloads from 60¢/lb.
The index for scrap 304 turnings increased to 36¢/lb from 35.8¢/lb and fell for 316 turnings to 54¢/lb from 54.5¢/lb.
LME nickel prices rose by $176/mt from Friday with the official three-month LME Nickel contract settling at $12,320/mt on Monday. The official cash contract closed Monday at $12,256/mt, up by $183/mt from Friday.
The rise in processor buying prices on Monday and the increase in LME nickel prices notwithstanding, processors remain concerned about a further price drop because of low demand from domestic mills after buying prices fell by almost 4-5¢/lb last week.