US stainless steel processor buying prices trended sideways to soft across most grades on Wednesday amid very slight changes in LME nickel prices.
The weekly Davis Index for 201 solids increased to 30.6¢/lb from 30.5¢/lb delivered processor yard on Wednesday but decreased for 301 solids to 40.7¢/lb from 40.8¢/lb for single truckloads.
The index for scrap 309 solids remained at 73.5¢/lb delivered and moved down for 310 solids to $1.157/lb from $1.16/lb delivered. The Davis Index for 330 solids also dropped slightly to $1.821/lb from $1.825/lb delivered processor yard.
The index for 409/410 solids also declined by $7.3/mt to $272.7/gt delivered processor yard and fell by $10.3/mt for 430 solids to 367.2/gt delivered.
Stainless steel processor buying prices have moved up or down within a very narrow range this week due to a strong regional variance in domestic ferrous market settlements this month, according to some processors. Moreover, the small movements on LME nickel prices have not impacted stainless pricing. Some participants, however, have witnessed an increase in demand for 304 solids, which might lead to a rise in pricing for this grade moving forward.
The daily Davis Index for scrap 304 solids rose to 53.4¢/lb delivered from 53¢/lb delivered processor yard and declined for 316 solids to 72¢/lb delivered from 72.3¢/lb delivered for single truckloads.
The index for scrap 304 turnings decreased to 46.4¢/lb delivered from 46.7¢/lb delivered and dropped for 316 turnings to 63.5¢/lb delivered from 63.8¢/lb delivered processor yard.
LME nickel prices increased by $33/mt from Tuesday with the official three-month LME Nickel contract settling at $14,218/mt on Wednesday. The official cash contract closed Wednesday at $14,167/mt, up by $14/mt from Tuesday.