US stainless steel processor buying prices fell slightly for 304 solids and turnings but increased for 316 solids and turnings on Monday on rising mill demand.
The daily Davis Index for scrap 304 solids dropped to 53.3¢/lb delivered from 53.5¢/lb delivered processor yard and increased for 316 solids to 72.1¢/lb delivered from 72¢/lb delivered for single truckloads.
The index for scrap 304 turnings declined to to 46.9¢/lb delivered processor yard from 47¢/lb delivered and ticked up for 316 turnings to 63.2¢/lb delivered from 62.9¢/lb delivered.
LME nickel prices fell by $184/mt from Friday with the official three-month LME Nickel contract settling at $14,195/mt on Monday. The official cash contract closed Monday at $14,146/mt, down by $189/mt from Friday.
Ferrous scrap prices settled upwards in some region and sideways in others at the end of August trading last week. On the other hand, stainless-steel prices have been increasing since last week due to a stronger nickel market and an uptick in demand from the domestic stainless-steel mills. As a result, processors are uncertain about the movements in the stainless-steel market over the next few weeks because of the contrary market trends, both of which affect processor prices for stainless-steel.