US stainless steel processor buying prices inched up across 304 and 316 solids but trended flat to slightly up for turnings on Monday.
The daily Davis Index for scrap 304 solids moved up 0.8¢/lb to 53¢/lb delivered processor yard and increased for 316 by 1.2¢/lb to 74.5¢/lb for single truckloads.
The indexes for turnings grades were rangebound with scrap 304 turnings rising by 0.3¢/lb to 48.5¢/lb and 316 turnings remaining unchanged at 66.5¢/lb delivered processor yard.
The LME nickel prices decreased by $378/mt from Friday with the official three-month LME Nickel contract settling at $15,418/mt on Monday. The official cash contract closed Monday at $15,397/mt, down by $371/mt from Friday.
Stainless steel prices have moved within a narrow range since last week amid dropping LME nickel prices. The seasonal market slow down and a drop in mill demand as they try to empty their existing inventory before the year ends, has processors not too optimistic about a potential uptick in prices at least until the new year sets in.