US stainless steel processor buying prices dropped slightly for 304 solids and turnings and remained unchanged for 316 grades despite a slight rise in the LME Nickel market. 

 

The daily Davis Index for scrap 304 solids inched down by 0.1¢/lb to 53.5¢/lb delivered processor yard and was unchanged for 316 solids at 74.5¢/lb for single truckloads.

 

The index for scrap 304 turnings decreased by 0.1¢/lb at 48.6¢/lb but was flat for 316 turnings at 68.1¢/lb delivered processor yard. 

 

LME nickel prices increased by $58/mt from Thursday with the official three-month LME Nickel contract settling at $15,564/mt on Friday. The official cash contract closed Friday at $15,532/mt, up by $82/mt from Thursday.

 

Weak demand and a sluggish pace of the market have kept stainless steel processor buying prices rangebound for almost two weeks now, with processors expecting little to no change in this trend at least until the end of this year after which mill demand could improve.

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