US stainless steel processor buying prices increased across all grades on Tuesday amid rising demand from mills.
The daily Davis Index for scrap 304 solids went up by 2.4¢/lb to 49¢/lb delivered processor yard and rose for 316 solids by 1.5¢/lb to 69¢/lb for single truckloads.
The index for scrap 304 turnings ticked up by 1.8¢/lb to 44.8¢/lb and increased for 316 turnings by 2¢/lb to 60¢/lb delivered.
LME nickel prices declined by $22/mt from Monday with the official three-month LME nickel contract settling at $13,286/mt on Tuesday. The official cash contract closed Tuesday at $13,231/mt, down by $11/mt from Monday.
Rising demand from domestic stainless-steel mills is pushing up prices for most processors, though they are quick to point out that demand is still much lower than pre-pandemic levels. Processors are also seeing a significant movement of volumes in the market, which is adding to the upward pressure in prices despite a fall in LME nickel.