US stainless steel processor buying prices rose for 304 solids and turnings but fell for the 316 grades on Wednesday.
The daily Davis Index for 304 scrap solids increased to 42.9¢/lb from 42¢/lb delivered processor yard and fell for 316 solids by a penny to 64¢/lb for single truckloads.
The index for scrap 304 turnings surged by 1.4¢/lb to 37.9¢/lb, while 316 turnings decreased to 50.1¢/lb from 51¢/lb.
The weekly Davis Index for US stainless steel 201 solids dropped by 2.5¢/lb to 25¢/lb and fell for 301 solids by 1.5¢/lb to 31.5¢/lb on Wednesday. The index for scrap 309 solids remained at 60¢/lb while the index for 310 solids was flat at 90¢/lb.
The Davis Index for 330 solids increased by 4¢/lb to $1.41/lb and surged for 409/410 solids by $14.9/gt to $224/gt. The index for 430 solids dropped by $44.8/gt to $224/gt.
LME nickel prices increased by $88/mt from Tuesday with the official three-month LME Nickel contract settling at $11,497/mt on Wednesday. The official cash contract closed on Wednesday at $11,425/mt, up by $75/mt from Tuesday.
Stainless steel processor buying prices were mostly flat last week but have surged this week in tandem with the increase in LME nickel. However, prices seem to be leveling off as LME nickel continues to move in a narrow range.