US stainless steel processor buying prices rose by a penny for 304 solids but were flat for 304 turnings and 316 solids and turnings on Tuesday.
The daily Davis Index for 304 scrap solids increased by 1¢ to 53¢/lb delivered processor yard while 316 solids remained at 72¢/lb for single truckloads.
Scrap 304 turnings also held at 48¢/lb, while 316 turnings were flat at 64¢/lb.
Processors are gradually seeing a hike in prices in tandem with the increase on LME nickel. LME nickel prices went up by $140/mt from Monday with the official three-month LME Nickel contract closing at $12,650/mt on Tuesday. The official cash contract closed Tuesday at $12,555/mt, up by $115/mt from Monday.