US stainless steel processor buying prices increased across most grades on Thursday despite falling LME Nickel prices. 

 

The daily Davis Index for scrap 304 solids rose by 0.3¢/lb to 54.8¢/lb delivered processor yard and remained flat for 316 solids at 79¢/lb for single truckloads.

 

The index for scrap 304 turnings grew by 1¢/lb to 54¢/lb and climbed by 1.5¢/lb for 316 turnings to 71.5¢/lb delivered processor yard. 

 

The LME Nickel prices declined by $34/mt from Wednesday with the official three-month LME Nickel contract settling at $15,743/mt on Thursday. The official cash contract closed Thursday at $15,690/mt, down by $55/mt from Wednesday.

 

Stainless steel prices are rising gradually on an unexpected increase in demand from mills in a shift from the slow demand seen in this segment historically. The sudden increase in mill demand is coupled with a material supply tightness, which, according to processors, is pushing up the prices for stainless steel scrap. 

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