US stainless steel processor buying prices declined for most grades on falling LME Nickel prices on Thursday.
The daily Davis Index for scrap 304 solids fell by a penny to 74.5¢/lb delivered processor yard and decreased by the same amount for 316 solids to 96¢/lb for single truckloads.
The index for scrap 304 turnings dropped by 0.7¢/lb to 69.8¢/lb and declined for 316 turnings by 0.2¢/lb to 87.3¢/lb delivered processor yard.
LME Nickel prices moved down by $156/mt from Wednesday with the official three-month LME Nickel contract settling at $17,704/mt on Thursday. The official cash contract closed Thursday at $17,662/mt, down by $156/mt from Wednesday.
Stainless steel processor buying prices have slowly started to drop in tandem with falling LME nickel prices. Participants expect a further decline in buying prices as we approach February, when the ferrous market is expected to plummet.