US stainless steel processor buying prices increased for 304 solids and 316 turnings on Thursday. 

 

The daily Davis Index for scrap 304 solids increased to 47.5¢/lb from 47¢/lb delivered processor yard and fell by half-a-penny for 316 solids to 66.5¢/lb for single truckloads. 

 

The index for scrap 304 turnings remained flat at 42.5¢/lb and rose for 316 turnings by 1.8¢/lb to 56.3¢/lb. 

 

LME nickel prices were down by $271/mt from Wednesday with the official three-month LME Nickel contract settling at $12,681/mt on Thursday. The official cash contract closed Thursday at $12,615/mt, down by $266/mt from Wednesday.

 

Volatility in the stainless-steel market has left processors unsure of the near-term market trends. However, some participants expect stainless steel processor buying prices to fall in tandem with the decreasing LME nickel prices. 

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