US stainless steel processor buying prices diverged for 304 and 316 grades on Monday. Prices for 304 solids and turnings increased following a rise in the LME Nickel market, but the 316 grades saw marginal declines. 


The daily Davis Index for scrap 304 solids increased by 1.2¢/lb to 55.7¢/lb delivered processor yard and fell by 0.2¢/lb for 316 solids to 75¢/lb for single truckloads.


The index for scrap 304 turnings rose by 1.8¢/lb to 51.3¢/lb delivered but dropped for 316 turnings by 0.2¢/lb to 68.3¢/lb delivered processor yard. 


LME Nickel prices increased by $238/mt from Friday with the official three-month LME Nickel contract settling at $16,083/mt on Monday. The official cash contract closed on Monday at $16,030/mt, up by $215/mt from Friday.


The rise in the LME nickel market is spurring stainless steel processor buying prices, which remained rangebound throughout last week. Tightening inventory levels and a strong export market have also led to an increase in processor buying prices, according to some processors. 

Leave a Reply

Your email address will not be published.