US stainless steel processor buying prices rose across all grades on Tuesday along with rising LME nickel prices. 


The daily Davis Index for scrap 304 solids increased by 1¢/lb to 52.5¢/lb delivered processor yard and rose by the same amount for 316 solids to 73¢/lb for single truckloads.


The index for scrap 304 turnings remained at 47¢/lb delivered and inched up by 0.3/lb for 316 turnings to 65.5¢/lb delivered processor yard. 


LME nickel prices rose by $236/mt from Monday with the official three-month LME Nickel contract settling at $15,384/mt on Tuesday. The official cash contract closed Tuesday at $15,365/mt, up by $252/mt from Monday.


Stainless steel prices were rangebound on Tuesday with very little changes. Amidst the US presidential elections and the fiscal year-end, prices have been volatile through last week and participants are expecting processor buying prices to remain in this range through the end of this year. 

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