US stainless steel processor buying price dropped for 304 solids and turnings but increased for the 316 grades on Monday amid a rising LME nickel market. 

 

The daily Davis Index for scrap 304 solids fell by 0.5¢/lb to 52.5¢/lb delivered processor yard and moved up for 316 solids by a penny to 73.5¢/lb for single truckloads.

 

The index for scrap 304 turnings declined by 0.5¢/lb to 47.5¢/lb and rose by 1.5¢/lb for 316 turnings to 66¢/lb delivered processor yard. 

 

The LME nickel prices rose by $53/mt from Friday with the official three-month LME Nickel contract settling at $15,704/mt on Monday. The official cash contract closed on Monday at $15,653/mt, up by $50/mt from Friday.

 

Mill demand for the material is down, but processors believe that stainless steel processor buying prices could sustain the current uptrend if the LME nickel market continues to rise.

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