US stainless steel processor buying prices increased on Thursday amid strong mill demand.
The daily Davis Index for scrap 304 solids increased by 2¢/lb to 74¢/lb delivered processor yard and rose for 316 solids by 0.3¢/lb to 96.8¢/lb for single truckloads.
The index for scrap 304 turnings grew by 2.5¢/lb to 66.5¢/lb delivered and increased for 316 turnings by a penny to 87¢/lb delivered processor yard.
LME nickel prices declined by $102/mt from Wednesday with the official three-month LME Nickel contract settling at $16,048/mt on Thursday. The official cash contract closed Thursday at $16,001/mt, down by $97/mt from Wednesday.
Robust demand from mills has balanced a volatile stainless steel market where prices varied depending on region throughout this week, amid fluctuating LME nickel prices. That said, participants are still cautious about making purchases as some uncertainty remains in the near term.