US stainless steel processor buying prices decreased for 304 solids and turnings on Thursday.
The daily Davis Index for scrap 304 solids declined to 44.3¢/lb from 44.8¢/lb delivered processor yard and dropped for 316 solids to 62.8¢/lb from 63.5¢/lb for single truckloads.
The index for scrap 304 turnings also fell by 1.7¢/lb to 39.3¢/lb, but rose for 316 turnings by 2.9¢/lb to 52.9¢/lb.
LME nickel prices increased by $419/mt from Wednesday with the official three-month LME Nickel contract settling at $12,827/mt on Thursday. The official cash contract closed Thursday at $12,762/mt, up by $3,427/mt from Wednesday.
Market participants do not expect the current weak demand environment to rebound any time soon and expect a muted end to the second quarter despite an upward movement in LME nickel prices.