US stainless steel processor buying prices increased slightly for 304 solids and 316 turnings on Tuesday.
The daily Davis Index for scrap 304 solids rose by 0.8¢/lb to 61.3¢/lb delivered processor yard and remained unchanged for 316 solids at 81.5¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 56¢/lb and increased by 0.2¢/lb for 316 turnings to 74.7¢/lb delivered processor yard.
LME Nickel prices increased by $106/mt from Monday with the official three-month LME Nickel contract settling at $16,454/mt on Tuesday. The official cash contract closed Tuesday at $16,390/mt, up by $100/mt from Monday.
Stainless steel processor buying prices have been increasing steadily over the past month amid improving demand from the domestic mills. The domestic ferrous trade for December has seen some large price increases in some regions, and with the trade settling by Wednesday, market participants are curious to see how stainless prices will be affected by December ferrous settlements.