US stainless steel processor buying prices declined slightly for 304 solids and turnings, but rose for 316 solids and turnings on Tuesday.
The daily Davis Index for scrap 304 solids dropped to 53¢/lb from 53.3¢/lb delivered processor yard, and the index for 316 solids increased to 72.3¢/lb from 72.1¢/lb for single truckloads.
The index for scrap 304 turnings declined to 46.7¢/lb from 46.9¢/lb, and ticked up for 316 turnings to 63.8¢/lb from 63.2¢/lb delivered.
LME nickel prices decreased by $10/mt on Tuesday from the day before, with the official three-month LME nickel contract settling at $14,185/mt. The official cash contract closed Tuesday at $14,153/mt, rising by $7/mt from Monday.
Stainless steel prices have gone up as demand from domestic mills increased through last week. With the ferrous market showing growth in some regions while moving sideways in others, stainless steel prices have been flat this week. Processors have yet to determine which direction the market will trend for the rest of the month.