US stainless steel processor buying prices dropped for all grades on Tuesday as demand remained weak.
The daily Davis Index for scrap 304 solids dropped by 1.4¢/lb to 39.1¢/lb delivered processor yard and fell for 316 solids by 1.3¢/lb to 59.1¢/lb for single truckloads.
The index for scrap 304 turnings decreased by 1.8¢/lb to 34.2¢/lb, while 316 turnings declined by the same amount to 52.2¢/lb.
LME nickel prices increased by $7/mt from Monday with the official three-month LME Nickel contract settling at $12,327/mt on Tuesday. The official cash contract closed Tuesday at $12,251/mt, down by $5/mt from Monday.
Processor buying prices on all stainless-steel grades have witnessed a significant drop over the past week due to low demand for May from domestic mills and uncertainty over market conditions next month due to the COVID-19 related lockdowns that have impacted both demand and supply.