US stainless steel processor buying prices remained unchanged across all grades after LME Nickel prices increased again on Friday.
The daily Davis Index for scrap 304 solids was flat at 60.8¢/lb delivered processor yard and was unchanged for 316 solids at 81.8¢/lb for single truckloads.
The index for scrap 304 turnings remained at 56.3¢/lb and held for 316 turnings at 74¢/lb delivered processor yard.
The LME Nickel prices rose by $68/mt from Thursday with the official three-month LME Nickel contract settling at $16,064/mt on Friday. The official cash contract closed Friday at $16,020/mt, up by $83/mt from Thursday.
The unprecedented demand from domestic mills towards the end of the year has lent added volatility to the stainless-steel scrap market. Some participants are still waiting to see how the market will turn through this month and into January, 2021 while others expect demand to remain steady over the next two months.