The movements of US stainless steel processor buying prices differed depending on grade on Wednesday. 

 

The weekly Davis Index for 201 solids rose by 1.5¢/lb to 33.3¢/lb delivered processor yard on Wednesday and increased for 301 solids by 1.1¢/lb to 46.1¢/lb for single truckloads. 

 

The index for scrap 309 solids inched down by 0.3¢/lb to 80.7¢/lb delivered and dropped by the same amount for 310 solids to $1.247/lb delivered. The weekly Davis Index for 330 solids decreased by 0.3¢/lb to $2.02/lb delivered processor yard.

 

The index for 409/410 solids declined by $5.5/mt to $279/gt delivered processor yard and fell by $10.1/gt to $363.7/gt for 430 solids delivered. 

 

Stainless steel prices have risen in tandem with unexpectedly increasing mill demand since last week. Participants believe that the rise is in anticipation of a vaccine for the COVID-19 virus being available earlier-than-expected. Some processors also assume that the current demand is to cover the drop during the first half of the year. Irrespective of the reason, the increase in demand has resulted in positive market sentiment with processors hoping that the trend continues. 

 

The daily Davis Index for scrap 304 solids rose by 0.1¢/lb at 59.1¢/lb delivered processor yard and was flat for 316 solids at 80.2¢/lb for single truckloads. 

 

The index for scrap 304 turnings rose by 0.2¢/lb to 54.4¢/lb delivered and increased for 316 turnings by 0.8¢/lb to 71.6¢/lb for single truckloads. 

 

LME Nickel prices declined by $40/mt from Tuesday with the official three-month LME Nickel contract settling at $16,028/mt on Wednesday. The official cash contract closed Wednesday at $15,975/mt down by $32/mt from Tuesday.

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