US stainless steel processor buying prices were rangebound in a slow market despite an increase in LME Nickel prices.
The daily Davis Index for 304 solids was down by 0.1¢/lb to 77.5¢/lb delivered processor yard and was flat for 316 solids at $1.04/lb for single truckloads.
Scrap 304 turnings trended flat at 73¢/lb delivered and 316 turnings remained unchanged at 94¢/lb, delivered processor yard.
LME nickel prices climbed by $26/mt from Thursday with the official three-month LME Nickel contract settling at $17,342/mt on Friday. The official cash contract closed Friday at $17,320/mt, up by $33/mt from Thursday.
The market remained quiet on Friday as processors tried to gauge the way forward following a softening in demand from mills. Moreover, the steep decline in LME Nickel during the week also added pressure on stainless steel processor buying prices. Processors expect fewer deals over the next week if demand remains soft.