US stainless steel processor buying prices were flat to down on Friday despite an increase in LME Nickel prices. 

 

The daily Davis Index for scrap 304 solids dropped to 57.4¢/lb delivered from 57.5¢/lb delivered processor yard and was unchanged for 316 solids at 77.3¢/lb for single truckloads.

 

The index for scrap 304 turnings ticked down to 52.4¢/lb delivered from 52.5¢/lb and inched down for 316 turnings to 68.4¢/lb delivered from 68.5¢/lb delivered processor yard. 

 

LME Nickel prices increased by $11/mt from Thursday with the official three-month LME Nickel contract settling at $14,963/mt on Friday. The official cash contract closed Friday at $14,908/mt, up by $13/mt from Thursday.

 

Stainless steel processor buying prices have moved very little over the past week amid steady demand from domestic mills. Processors expect the prices to move within this range unless there are some major changes during the upcoming US elections.

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