US stainless steel processor buying prices decreased for 304 solids and turnings and for 316 solids on Tuesday.

 

The daily Davis Index for 304 scrap solids decreased slightly to 53.6¢/lb from 54¢/lb delivered processor yard and fell for 316 solids to 73.6¢/lb from 74¢/lb for single truckloads. 

 

The index for scrap 304 turnings also dropped by around 1.3¢ to 47.7¢/lb, while 316 turnings moved up by 2.6¢ to 66.6¢/lb on Tuesday. 

Processor buying prices have remained consistent over the past two weeks moving within a range of 1-2¢/lb—despite the spread of the COVID-19 virus and significant movements on LME nickel—due to ongoing demand from domestic mills, according to market participants.

 

LME nickel prices rose significantly by $425/mt from Monday with the official three-month LME Nickel contract settling at $12,890/mt on Tuesday. The official cash contract closed Tuesday at $12,835/mt, up by $420/mt from Monday.

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