US stainless steel processor buying prices rose were mixed on Tuesday, as LME nickel prices decreased after nearly two-week highs.
The daily Davis Index for 304 solids inched up by 1.7¢/lb to 91.7¢/lb delivered processor yard and dropped for 316 solids by 0.9¢/lb to $1.21/lb for single truckloads.
Scrap 304 turnings was up by 1.5¢/lb to 87.7¢/lb and reduced for 316 turnings by 0.1¢/lb to $1.123/lb, delivered processor yard.
LME nickel prices were down from Monday by $70/mt with the official three-month LME Nickel contract settling at $19,550/mt on Tuesday. The official cash contract closed at $19,555/mt today, down by $85/mt from yesterday.
Processors seem to hold their wait and watch approach on ferrous market movements before considering buying stainless steel. Demand is likely to remain robust through September, although participants expect a short-term rise in domestic prices following the likelihood of increased export volumes.