US stainless steel processor buying prices rose across all grades on Thursday after LME Nickel markets inched up.

 

The daily Davis Index for scrap 304 solids increased by 1.1¢/lb to 70.3¢/lb delivered processor yard and inched up for 316 solids by 0.6¢/lb to 93.5¢/lb for single truckloads.

 

The index for scrap 304 turnings rose by 3.8¢/lb to 65.5¢/lb delivered and increased for 316 turnings by 1.3¢/lb to 82.7¢/lb delivered processor yard.

 

LME nickel prices increased by $4/mt from Wednesday with the official three-month LME Nickel contract settling at $16,051/mt on Thursday. The official cash contract closed Thursday at $15,999/mt, up by 11$/mt from Wednesday.

 

Stainless steel processor buying prices have fluctuated by 8-10¢/lb over the past month due to the volatility in LME Nickel prices. These fluctuations have also led to mill demand—which has kept stainless scrap prices from steeper declines—waning compared to the beginning of the year. Participants are keeping a close eye on these factors to stabilize short-term pricing trends.

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