US stainless steel processor buying prices increased across most grades on Wednesday.
The weekly Davis Index for 201 solids fell by a penny to 24.5¢/lb delivered processor yard on Wednesday and rose for 301 solids by 1.5¢/lb to 36.8¢/lb for single truckloads.
The index for scrap 309 solids ticked up by 2.1¢/lb to 63.8¢/lb delivered and increased for 310 solids by 4.7¢/lb to 95.7¢/lb delivered. The Davis Index for 330 solids moved up by 6.4¢/lb to $1.504/lb delivered processor yard.
The index for 409/410 solids fell by $26/gt to $242.8/gt delivered processor yard, while it increased for 430 solids by $63.5/gt to $377.1/gt delivered.
Processors expect demand to remain anemic from June to August. However, short supply of stainless-steel scrap and rising nickel, chromium, and iron prices are putting an upward pressure on stainless steel buying prices over the past couple of weeks. This uptick though could be short-lived, according to some participants, with prices dropping as demand and supply reach a balance.
The daily Davis Index for scrap 304 solids rose to 46.1¢/lb from 45.9¢/lb delivered processor yard but fell for 316 solids by 1.5¢/lb to 65¢/lb for single truckloads.
The index for scrap 304 turnings increased by 2.4¢/lb to 42.9¢/lb and dropped for 316 turnings by 3.1¢/lb to 50.4¢/lb.
LME nickel prices increased by $134/mt from Tuesday with the official three-month LME Nickel contract settling at $12,885/mt on Wednesday. The official cash contract closed Wednesday at $12,812/mt, up by $132/mt from Tuesday.