US stainless steel processor buying prices rose slightly on Monday as LME nickel prices inched up. Market outlook, however, remained cautious.

 

The daily Davis Index for 304 solids rose by 0.9¢/lb to 87.7¢/lb delivered processor yard and increased for 316 solids by 0.6¢/lb to $1.183/lb for single truckloads.

 

The index for scrap 304 turnings climbed by 0.1¢/lb to 84.3¢/lb and was up for 316 turnings by 0.6¢/lb to 1.093¢/lb, delivered processor yard. 

 

LME nickel prices increased from Friday by $450/mt with the official three-month LME Nickel contract settling at $18,875/mt on Monday. The official cash contract closed at $18,895/mt today, up by $326/mt from last week.

 

Bleak demand forecasts and volatile LME nickel prices have led to cautious buying sentiments. Market movements are expected to be slow in September as well.

 

 

 

 

 

 

 

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