US stainless steel processor buying prices decreased for 304 and 316 solids on Thursday.
The daily Davis Index for scrap 304 solids dropped to 45.9¢/lb from 46.1¢/lb delivered processor yard and fell for 316 solids to 64.7¢/lb from 65¢/lb for single truckloads.
The index for scrap 304 turnings remained flat at 42.9¢/lb and increased for 316 turnings to 50.6¢/lb from 50.4¢/lb.
LME nickel prices declined by $214/mt from Wednesday with the official three-month LME Nickel contract settling at $12,671/mt on Thursday. The official cash contract closed Thursday at $12,608/mt, down by $204/mt from Wednesday.
The stainless-steel scrap market has remained volatile over the past few weeks, with buying prices increasing despite weak demand. Market participants expect this trend to remain until August. However, a fall could come earlier as demonstrated by the drop in LME nickel prices on Thursday that slightly pushed down stainless-steel buying prices.