US stainless steel processor buying prices dropped slightly for scrap 304 and 316 solids as well as 304 turnings but increased for 316 turnings on Thursday. 

 

The daily Davis Index for 304 solids dropped to 44.2¢/lb from 45¢/lb delivered processor yard and fell for 316 solids to 63.4¢/lb from 64¢/lb for single truckloads. 

 

The index for scrap 304 turnings fell to 40¢/lb from 40.1¢/lb and increased by 2.1¢/lb for 316 turnings to 58¢/lb on Thursday. 

 

LME nickel prices increased by $123/mt from Wednesday with the official three-month LME Nickel contract settling at $12,089/mt on Thursday. The official cash contract closed Thursday at $12,010/mt, up by $115/mt from Wednesday. 

 

The domestic market has been slow and processors are hearing about some drop in numbers in the market but remain uncertain about the sharpness of the decline. Market participants also continue to see slow export movement as major importers like India remain under a COVID-19 related lockdown.

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