US stainless steel processor buying prices followed the daily and weekly trends set by LME Nickel on Wednesday.
The weekly Davis Index for 201 solids rose by 3.4¢/lb to 59.7¢/lb delivered processor yard and inched up for 301 solids by 0.2¢/lb to 76.5¢/lb for single truckloads.
Scrap 309 solids rose by 4.7¢/lb to $1.25/lb delivered and moved up for 310 solids by 2.3¢/lb to $1.86/lb delivered, while scrap 330 solids increased by 1.8¢/lb to $2.923/lb delivered processor yard.
For 409/410 solids, the index increased by $14.8/gt to $717.1/gt delivered processor yard and fell by $15.3/gt to $791.5/gt delivered for 430 solids.
The outlook for stainless steel scrap prices has turned positive as September begins with strengthening demand in the domestic and exports market. Prices have also followed the upward trajectory set on LME nickel this week. Still, the daily stainless steel processor buying prices were rangebound on Wednesday amid mixed LME nickel prices.
The daily Davis Index for scrap 304 solids inched up by 0.2¢/lb to 90¢/lb delivered processor yard and grew for 316 solids by 0.3¢/lb to $1.214/lb for single truckloads.
Scrap 304 turnings rose by 0.2¢/lb to 85.7¢/lb delivered and inched down for 316 turnings by 0.3¢/lb to $1.121/lb for single truckloads.
LME nickel prices declined from Tuesday by $250/mt with the official three-month LME Nickel contract settling at $19,250/mt on Wednesday. The official cash contract closed Wednesday at $19,541/mt, up by $28/mt from Tuesday and up by $316/mt from $19,225/mt on Aug 25.