US stainless steel processor buying prices increased for 304 solids and turnings and 316 solids on Friday.
The daily Davis Index for scrap 304 solids moved up to 43.5¢/lb from 43¢/lb delivered processor yard and increased for 316 solids by 1.3¢/lb to 62.8¢/lb for single truckloads.
The index for scrap 304 turnings also rose by 1.5¢/lb to 39¢/lb and remained unchanged for 316 turnings at 53¢/lb.
LME nickel prices decreased by $283/mt from Thursday with the official three-month LME nickel contract settling at $11,874/mt on Friday. The official cash contract closed Friday at $11,807/mt, down by $277/mt from Thursday.
Demand from domestic mills for stainless steel scrap has been low over the past few weeks. Market participants do not expect demand to recover anytime soon and are anticipating a weak Q2 2020 for processor buying prices.