US stainless steel processor buying prices dropped slightly across most grades due to declines in LME Nickel prices on Wednesday.
The weekly Davis Index for 201 solids was flat at 34¢/lb delivered processor yard on Wednesday and inched down for 301 solids to 45.9¢/lb from 46¢/lb for single truckloads.
The index for scrap 309 solids fell to 80.8¢/lb from 81¢/lb delivered and decreased for 310 solids to $1.234/lb from $1.24/lb delivered. The Davis Index for 330 solids ticked down to $2.02/lb from $2.03/lb delivered processor yard.
The index for 409/410 solids decreased by $7.8/gt to $313.4/gt delivered processor yard and moved down by $10/gt to $381.8/gt for 430 solids delivered.
Processor buying prices have seen very slight changes in the last couple of weeks despite the declines on LME Nickel. Processors believe that consistent demand from the domestic mills and tight supply of material has kept the prices from taking a steeper fall.
The daily Davis Index for scrap 304 solids moved up to 58¢/lb from 57.7¢/lb delivered processor yard and decreased for 316 solids to 78.1¢/lb from 78.3¢/lb for single truckloads.
The index for scrap 304 turnings fell to 52.1¢/lb from 52.2¢/lb delivered while it remained unchanged for 316 turnings at 69¢/lb for single truckloads.
LME nickel prices decreased by $179/mt from Tuesday with the official three-month LME Nickel contract settling at $14,414/mt on Wednesday. The official cash contract closed Wednesday at $14,365/mt down by $189/mt from Tuesday.