The weekly US stainless steel processor buying prices jumped significantly for 330 solids on Wednesday amid tight supply.

 

The daily Davis Index for scrap 304 solids moved up by 1.9¢/lb to 42.8¢/lb delivered processor yard and rose for 316 solids to 62¢/lb from 61.9¢/lb for single truckloads. 

 

The index for scrap 304 turnings increased by 1.3¢/lb to 39.8¢/lb, but dropped for 316 turnings by 4.9¢/lb to 50.6¢/lb. 

 

The weekly Davis Index for 201 solids was flat at 25¢/lb delivered processor yard on Wednesday and increased for 301 solids by 2.5¢/lb to 34.5¢/lb for single truckloads. 

 

The index for scrap 309 solids also surged by 2.8¢/lb to 62.5¢/lb delivered and jumped for 310 solids by 3.5¢/lb to 92.5¢/lb delivered. The Davis Index for 330 solids surged by 8¢/lb to $1.47/lb delivered processor yard. 

 

The indexes for 409/410 solids surged by $13.4/gt to $259.8/gt and 430 solids fell by $34.2/gt to $357.9/gt, for single truckloads. 

 

LME nickel prices decreased by $57/mt from Tuesday with the official three-month LME nickel contract settling at $12,275/mt on Wednesday. The official cash contract closed Wednesday at $12,200/mt, down by $75/mt from Tuesday. 

 

Stainless steel processor buying prices have seen a gradual rise because, according to some market participants, few processors are buying aggressively leading to a tight supply, which in turn is increasing buying prices.

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