US stainless steel processor buying prices rose across all grades on Friday in tandem with increasing LME nickel prices.
The daily Davis Index for scrap 304 solids increased by 1.7¢/lb to 72¢/lb delivered processor and inched up for 316 solids by 0.2¢/lb to 93.7¢/lb yard for single truckloads.
The index for scrap 304 turnings rose by 3.5¢/lb to 69¢/lb delivered and increased for 316 turnings by 0.3¢/lb to 84.3¢/lb delivered processor yard.
LME nickel prices inclined by $120/mt from Thursday with the official three-month LME Nickel contract settling at $16,171/mt on Friday. The official cash contract closed Friday at $16,121/mt, up by $122/mt from Thursday.
Mill demand is slowing down gradually due to the volatility in LME Nickel prices, which has caused some uncertainty and affected stainless steel prices. Still, certain stainless-steel grades like 304 continue trending up and are likely to increase further along with the rising LME Nickel market.