US stainless steel processor buying prices were mostly flat across all grades, despite declining LME Nickel prices.
The daily Davis Index for scrap 304 solids remained at 57¢/lb delivered processor yard, and inched up for 316 solids to 77¢/lb from 76.9¢/lb for single truckloads.
The index for scrap 304 turnings also ticked up to 52.2¢/lb from 52.1¢/lb, and increased for 316 turnings to 68.6¢/lb from 68.5¢/lb delivered.
LME Nickel prices decreased by $57/mt on Thursday from a day earlier, with the official three-month LME Nickel contract settling at $14,796/mt. The official cash contract closed Thursday at $14,748/mt, down by $73/mt from Wednesday.
Stainless prices have balanced on robust demand and lower LME Nickel prices. Processors have reported sustained demand for stainless steel from domestic mills over the past few weeks, which has led to a slight shortage of material on the market. As a result, market participants don’t expect prices to fall, despite LME Nickel prices declining over the last two days.