US stainless steel processor buying prices moved up or down in a narrow range depending on grade on Monday amid falling LME nickel prices. 

 

The daily Davis Index for scrap 304 solids dropped to 57.3¢/lb delivered from 57.4¢/lb delivered processor yard and fell for 316 solids to 77¢/lb delivered from 77.3¢/lb for single truckloads.

 

The index for scrap 304 turnings ticked up to 52.7¢/lb delivered from 52.4¢/lb delivered and inched up for 316 turnings to 68.8¢/lb delivered from 68.4¢/lb delivered. 

 

LME nickel price declined by $227/mt from Friday with the official three-month LME Nickel contract settling at $14,736/mt on Monday. The official cash contract closed on Monday at $14,691/mt, down by $217/mt from Monday.

 

Stainless steel processor buying prices have not changed much in the last couple of weeks amid continued demand from domestic mills. Processors seem satisfied with the ongoing market conditions and hope they remain at these levels until the end of the year. However, some market participants believe that the upcoming US elections could upset the current market balance. 

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