US stainless steel processor buying prices dropped significantly across all grades on Thursday in tandem with declining LME Nickel prices.

 

The daily Davis Index for 304 solids fell by 5.2¢/lb to 86.3¢/lb delivered processor yard and decreased for 316 solids by 3.3¢/lb to $1.177/lb for single truckloads.

 

Scrap 304 turnings dropped by 2.6¢/lb to 84.3¢/lb delivered and declined for 316 turnings by 1.8¢/lb to 1.09¢/lb, delivered processor yard. 

 

LME nickel prices moved down by $495/mt from Wednesday with the official three-month LME Nickel contract settling at $18,425/mt on Thursday. The official cash contract closed Thursday at $18,476/mt, down by $543/mt from Wednesday.

 

Stainless steel processor buying prices have moved in sync with LME nickel prices, which have declined significantly this week. Market participants are cautious after these declines, though tight supply has kept stainless steel scrap prices from falling more significantly despite the weak demand outlook for September. 

 

 

 

 

 

 

 

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