US stainless steel processor buying prices rose as strong mill demand continues.
The daily Davis Index for 304 solids climbed by 0.2¢/lb to 89.7¢/lb delivered processor yard and was up for 316 solids by 0.6¢/lb to $1.183/lb for single truckloads.
Scrap 304 turnings grew by 0.1¢/lb to 85.8¢/lb and inched up for 316 turnings by 0.2¢/lb to 1.066¢/lb, delivered processor yard.
LME nickel prices climbed by $265/mt from Wednesday with the official three-month LME Nickel contract settling at $18,870/mt on Thursday. The official cash contract closed at $18,870/mt today, up by $488/mt from yesterday.
Strong demand and rising LME nickel prices have pushed stainless steel processor buying prices upward till now. However, there appears to be a lull today with the market balanced. This may change as participants expect prices to increase further in the near term.