US stainless steel processor buying prices rangebound following tight supply and strong mill demand. 


The daily Davis Index for 304 solids inched down by 0.1¢/lb to 87.6¢/lb delivered processor yard and fell for 316 solids by 0.2¢/lb to $1.141/lb for single truckloads.


Scrap 304 turnings remained at 82.7¢/lb and was unchanged for 316 turnings at 1.043¢/lb, delivered processor yard. 


LME nickel prices were up by $375/mt from Thursday with the official three-month contract settling at $18,755/mt on Friday. The official cash contract closed at $18,673/mt today, up by $493/mt from yesterday.


A supply tightness in the Midwest region has held the momentum in prices for some time. However, some upper Midwest regions are seeing a couple of cents drop in the solids grades, although participants expect this decline to level out, provided demand remains robust.

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