US stainless steel processor buying price increased by almost a penny for 304 turnings but fell by 1-2¢/lb across all other grades despite increasing LME nickel prices on Monday. 

 

The daily Davis Index for scrap 304 solids declined by more than half-a-penny to 54.5¢/lb delivered processor yard and dropped by 1.1¢/lb for 316 solids to 74.5¢/lb for single truckloads.

 

The index for scrap 304 turnings rose to 51¢/lb from 50.1¢/lb delivered but inched down for 316 turnings by 2.1¢/lb to 66¢/lb delivered. 

 

LME Nickel prices rose by $140/mt from Friday with the official three-month LME Nickel contract settling at $14,460/mt on Monday. The official cash contract closed Monday at $14,416/mt, up by $131/mt from Friday.

 

Market participants have been expecting the current declining trend in stainless steel buying prices, which began to drop by the end of last week as demand from the domestic mills weakened. Some processors expect the market to slow down further with the US elections around the corner and the approaching year-end.

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