US stainless steel processor buying prices dropped slightly for 304 turnings and 316 solids and turnings on Wednesday.
The daily Davis Index for 304 solids remained at 45¢/lb delivered processor yard and dropped for 316 solids to 64¢/lb from 64.2¢/lb for single truckloads.
The index for scrap 304 turnings fell to 40.1¢/lb from 41¢/lb, while 316 turnings decreased to 55.9¢/lb from 56¢/lb.
The weekly Davis Index for US stainless steel scrap 201 solids increased by a penny to 27¢/lb delivered processor yard on Wednesday, while the index for 301 solids moved up by 2¢ to 34.5¢/lb for single truckload. The index for scrap 309 solids surged by 2.5¢ to 65¢/lb delivered while 310 solids increased by 4¢ to 97¢/lb delivered and 330 solids rose by 9.5¢/lb to $1.56/lb delivered processor yard.
The index for scrap 409/410 solids moved up by $11.2/gt to $224/gt for single truckload while 430 solids declined by $44.8/gt to $224/gt for single truckload on Wednesday.
LME nickel prices decreased by $190/mt from Tuesday with the official three-month LME Nickel contract settling at $11,966/mt on Wednesday. The official cash contract closed Wednesday at $11,895/mt, down by $190/mt from Tuesday.
Tight supply has led to the increase in prices but some processors are concerned over the slow movement of the material due to the COVID-19 pandemic and believe that raising prices is the only way to stimulate the market.