US stainless steel processor buying prices increased across most grades on strong demand from mills on Thursday.
The daily Davis Index for scrap 304 solids increased by 2.2¢/lb to 73.5¢/lb and was flat for 316 solids at 93.2¢/lb delivered processor yard for single truckloads.
The index for scrap 304 turnings rose by 3.2¢/lb to 66.2¢/lb delivered and inched up for 316 turnings by 0.8¢/lb to 84.4¢/lb delivered processor yard.
LME nickel prices declined by $73/mt from Wednesday with the official three-month LME Nickel contract settling at $17,590/mt on Thursday. The official cash contract closed Thursday at $17,535/mt, down by $88/mt from Wednesday.
Continued demand from mills has kept stainless steel processor prices elevated despite the declines in the LME nickel market. Participants are hopeful that mill demand will strengthen further though they anticipate a slight slump by the end of this month depending on how the ferrous market trades.