The US stainless steel scrap processor buying prices remained unchanged on Thursday despite a significant drop in LME nickel.
The daily Davis Index for 304 solids remained at 50¢/lb delivered processor yard on Thursday with 316 solids holding at 71¢/lb for single truckloads. Scrap 304 turnings also remained unchanged at 45¢/lb and while 316 turnings remained at 62¢/lb.
The three-month LME nickel contract settled at $13,375/mt on Thursday with the LME cash nickel contract closing down at $13,300/mt.
US mills have been busy according to market participants who are surprised that processor buying prices have remained steady despite the drop in LME nickel.