US stainless steel processor buying prices trended mostly flat amid stable demand and declining LME nickel prices.


The daily Davis Index for scrap 304 solids rose by 0.7¢/lb to 80.7¢/lb delivered processor yard and was unchanged for 316 solids at $1.025/lb for single truckloads.


The index for scrap 304 turnings was up by 0.5¢/lb to 74¢/lb delivered and remained unchanged for 316 turnings at 92.5¢/lb delivered processor yard.


LME nickel prices were down by $961/mt from Thursday with the official three-month LME Nickel contract settling at $18,653/mt on Friday. The official cash contract closed Friday at $18,607/mt, down by $961/mt from Thursday.


Processors have noticed that the continued strong demand from domestic stainless-steel mills and a strong LME nickel market has increased stainless steel prices over the past few weeks. However, participants are noticing a weakness of the dollar which could make it difficult to gauge the market next month.

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