Market uncertainty pushed US stainless steel processor buying prices downward on Wednesday. 

 

The weekly Davis Index for 201 solids fell by 2.1¢/lb to 56¢/lb delivered processor yard and decreased for 301 solids by 2.5¢/lb to 74.7¢/lb for single truckloads. 

 

Scrap 309 solids dropped by 1¢/lb to $1.131/lb delivered and decreased for 310 solids by 1.8¢/lb to $1.745/lb delivered. Scrap 330 solids fell by 1.6¢/lb to $2.841/lb delivered processor yard. 

 

For 409/410 solids, the index increased by $52.3/gt to $702.1/gt delivered processor yard and rose by $48.3/gt to $795.1/gt for 430 solids delivered. 

 

The stainless steel processor buying prices have been volatile over the last couple of weeks, with daily prices fluctuating between 2-3c/lb. Overall market sentiment is uncertain in declining prices, as many participants feel that scrap demand may drop in the near term owing to summer shutdowns and reduced mills tonnage. 

 

The daily Davis Index for scrap 304 solids dropped by 2.3¢/lb to 88.2¢/lb delivered processor yard and was down for 316 solids by 1.6¢/lb to $1.177/lb for single truckloads. 

 

Scrap 304 turnings fell by 3.7¢/lb to 82.3¢/lb delivered and decreased for 316 turnings by 5¢/lb to $1.06/lb for single truckloads. 

 

LME nickel prices were up by $830/mt from Tuesday, with the official three-month LME Nickel contract settling at $19,420/mt on Wednesday. The official cash contract closed at $18,885/mt today, up by $167/mt from yesterday and down by $563/mt from $19,448/mt on Aug 4.

 

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