US stainless steel processor buying prices were rangebound as mill demand remains strong.
The daily Davis Index for 304 solids rose by 0.3¢/lb to 89.2¢/lb delivered processor yard and was up for 316 solids by 0.2¢/lb to $1.162/lb for single truckloads.
Scrap 304 turnings grew by 0.2¢/lb to 85.3¢/lb delivered and inched down for 316 turnings by 0.1¢/lb to 1.063¢/lb, delivered processor yard.
LME nickel prices were down by $700/mt from Friday with the official three-month LME Nickel contract settling at $18,380/mt on Monday. The official cash contract closed at $18,390/mt today, down by $505/mt from last week.
Robust mill demand since early July has kept stainless steel processor buying prices steady and with LME nickel prices correcting on Monday there appears to be a balance. Participants expect the demand trend to continue through this month and the quarter.