US stainless steel processor buying prices increased across all grades on Tuesday.    

 

The daily Davis Index for scrap 304 solids ticked up to 48.8¢/lb from 48.6¢/lb delivered processor yard and decreased for 316 solids to 66.6¢/lb from 66.2¢/lb for single truckloads. 

 

The index for scrap 304 turnings increased to 44.5¢/lb from 44.4¢/lb and moved up for 316 turnings by 1.5¢/lb to 57.5¢/lb. 

 

LME nickel prices were down by $100/mt from Monday with the official three-month LME Nickel contract settling at $12,592/mt on Tuesday. The official cash contract closed Tuesday at $12,541/mt, down by $84/mt from Monday.

 

Stainless steel buying prices have risen gradually this week because of a slight increase in market demand even though LME nickel prices have trended south. Processors expect demand to increase as more businesses resume operations after COVID-19 related lockdowns.

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