US stainless steel processor buying prices were mixed despite rising LME nickel prices on Monday.
The daily Davis Index for scrap 304 solids rose by 1.8¢/lb to 78.3¢/lb delivered processor yard and inched down for 316 solids by 0.8¢/lb to 98.7¢/lb for single truckloads.
Scrap 304 turnings grew by 0.5¢/lb to 73¢/lb delivered and fell for 316 turnings by 0.2¢/lb to 89.3¢/lb delivered processor yard.
LME nickel prices were up slightly by $46/mt from Friday with the official three-month LME Nickel contract settling at $18,099/mt on Monday. The official cash contract closed at $18,070mt on Monday, up by $45/mt from Friday.
Demand in the stainless steel market has been slow since the beginning of this quarter, and there are no expectations of an upward movement. Offers are intermittent, but the overall market energy has been sluggish. That said, prices have been increasing with a corresponding rise in LME nickel prices throughout the month. Participants expect this trend to continue in the coming weeks.