US stainless steel processor buying prices rose for 304 solids and turnings while they dropped for 316 solids and turnings as the LME nickel market inched up slightly.
The daily Davis Index for scrap 304 solids increased by 0.4¢/lb to 53.6¢/lb delivered processor yard and fell by 0.5¢/lb for 316 solids to 74.5¢/lb for single truckloads.
The index for scrap 304 turnings rose by 1.2¢/lb at 48.5¢/lb and ticked down by 0.1¢/lb for 316 turnings to 68.1¢/lb delivered processor yard.
LME nickel price was up by $84/mt from Wednesday with the official three-month LME Nickel contract settling at $15,506/mt on Thursday. The official cash contract closed Thursday at $15,450/mt, up by $59/mt from Wednesday.
Market participants believe that demand for stainless scrap will continue to be affected by seasonality as mills require less scrap for processing during the last few months of the year. They do not expect any increase in these prices as we approach the end of the year.