US stainless steel processor buying prices fell for 304 solids and turnings and 316 solids on Thursday.
The daily Davis Index for 304 scrap solids dropped by almost a cent to 42¢/lb from 42.9¢/lb delivered processor yard and fell for 316 solids to 63.6¢/lb from 64¢/lb for single truckloads.
The index for scrap 304 turnings dropped to 37¢/lb from 37.9¢/lb, while 316 turnings increased to 51¢/lb from 50.1¢/lb on Thursday.
LME nickel prices increased by $26/mt from Wednesday with the official three-month LME Nickel contract settling at $11,523/mt on Thursday. The official cash contract closed on Thursday at $11,457/mt, up by $32/mt from Wednesday.
Some market participants experienced volatile processor buying prices this week as grades that rose to as much as 44¢/lb on Monday dropped by 4¢ by Wednesday to 41c/lb, before rising slightly again on Thursday. Processors are keeping a close watch on these movements to determine the way forward in the short term.