US stainless steel processor buying prices decreased slightly on Friday from Thursday, despite a tight supply for 304 blends driving prices up through most of the week.
The daily Davis Index for 304 scrap solids dropped by a penny at 53¢/lb delivered processor yard and 316 solids decreased by the same amount to 74¢/lb for single truckloads.
Scrap 304 turnings were flat at 48¢/lb, while 316 turnings declined by 1¢/lb to 65¢/lb on Friday.
Market participants are seeing a strong demand from domestic mills amid low supply for 304 blends. Processors are therefore paying higher prices to secure some tons. Some market participants expect the tide to turn in a few weeks once enough supply resumes.