US stainless steel processor buying prices increased for 304 turnings and 316 solids and turnings on Thursday. 

 

The daily Davis Index for 304 scrap solids dropped to 43.3¢/lb from 43.7¢/lb delivered processor yard and moved up for 316 solids to 63.5¢/lb from 62.8¢/lb for single truckloads. 

 

The index for scrap 304 turnings increased by 1.1¢/lb to 39¢/lb, while 316 turnings surged by 2.1¢/lb to 55.3¢/lb. 

 

LME nickel prices decreased by $69/mt from Wednesday with the official three-month LME Nickel contract settling at $11,726/mt on Thursday. The official cash contract closed on Thursday at $11,657/mt, down by $55/mt from Wednesday. 

 

Tight supply is causing an increase in processor buying prices despite falling LME nickel, according to market participants, with some processors quoting as high as 45¢/lb for 304solids. However, mills are not ready to buy as yet, leading to a general consensus that a price correction could be expected soon.

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