US stainless steel processor buying prices increased by 1-4c/lb on Wednesday after considerable declines in 304 and 316 solids earlier this week. However weekly prices for 201, 301 and 309 solids decreased.
The daily Davis Index for 304 scrap solids increased by 3.7/lb to 47.2¢/lb delivered processor yard and 316 solids increased by 2.2¢/lb to 68.2¢/lb for single truckloads.
Scrap 304 turnings surged to 42.2¢/lb, while 316 turnings increased to 61.1¢/lb.
The weekly Davis Index for 201 solids dropped by 1.8¢ to 29.2¢/lb, while 301 solids decreased by 2.1¢ to 38.9¢/lb on Wednesday. The index for scrap 309 solids decreased by 4.1¢ to 68.6¢/lb while scrap 310 solids also dropped to $1.06/lb from $1.13 last week.
LME nickel prices fell by $385/mt from Tuesday with the official three-month LME Nickel contract closing at $11,395/mt on Wednesday. The official cash contract closed on Wednesday at $11,319/mt, down by $390/mt from Tuesday.
Dropping LME nickel prices and negative sentiment over COVID-19’s economic impact have put a downward pressure on processor buying prices with market participants adopting the wait and watch approach in an uncertain market.