US stainless steel processor buying prices rose slightly for 304 solids and turnings on Friday.
The daily Davis Index for 304 scrap solids rose to 43.5¢/lb from 43.3c/lb delivered processor yard and moved up for 316 solids to 63.6¢/lb from 63.5c/lb for single truckloads.
The index for scrap 304 turnings increased to 39.1¢/lb from 39c/lb and remained unchanged for 316 turnings at 55.3¢/lb.
LME nickel prices increased by $241/mt from Thursday with the official three-month LME Nickel contract settling at $11,967/mt on Friday. The official cash contract closed on Friday at $11,887/mt, up by $230/mt from Thursday.
Stainless steel processor buying prices have increased during the week, but processors are concerned about a price correction as the market moves towards May due to a lack of demand for the material from mills.