US stainless steel processor buying prices increased for 304 and 316 solids but fell by 0.2¢/lb for turnings on Tuesday.
The daily Davis Index for scrap 304 solids rose from 45.3¢/lb delivered to 45.9¢/lb delivered processor yard and ticked up for 316 solids by 4.2¢/lb to 66.5¢/lb for single truckload.
The index for scrap 304 turnings fell by 0.2¢/lb to 40.5¢/lb and dropped for 316 turnings by the same amount to 53.5¢/lb.
LME nickel prices increased by $266/mt from Monday with the official three-month LME Nickel contract settling at $12,751/mt on Tuesday. The official cash contract closed Tuesday at $12,680/mt, up by $262/mt from Monday.
Stainless steel processor buying prices have been rising in tandem with rising demand as automotive and other manufacturing facilities restarted operations. Market participants anticipate stronger demand going into June but will get a better lay of the market after the current ferrous scrap trading week ends and mills take stock of the stainless scrap they will need for July.