US stainless steel processor buying prices rose across most grades as mill demand continued to remain robust.
The daily Davis Index for 304 solids rose by 0.3¢/lb to 89.5¢/lb delivered processor yard and the index for 316 solids climbed by 2¢/lb to $1.182/lb for single truckloads.
Scrap 304 turnings grew by 0.7¢/lb to 86¢/lb delivered and inched down for 316 turnings by 0.1¢/lb to 1.062¢/lb delivered processor yard.
LME nickel prices were up by $285/mt from Monday with the official three-month LME Nickel contract settling at $18,665/mt on Tuesday. The official cash contract closed Tuesday at $18,590/mt, up by $200/mt from Monday.
Strong demand and rising LME nickel prices have pushed up the stainless steel processor buying prices, especially for 304 and 316 solids which continue to grow. Turnings, which have been mostly rangebound since the beginning of this week have provided the market with some relief from soaring prices, but the overall market is expected to remain strong for the rest of the month.