US stainless steel processor buying prices declined for all grades except 304 turnings on Thursday.

 

The daily Davis Index for 304 scrap solids dropped to 42.1¢/lb from 42.5c/lb delivered processor yard while the index for 316 solids decreased by 2.4¢ to 61.6¢/lb for single truckloads. 

 

The index for scrap 304 turnings rose by a penny to 38¢/lb on Thursday, while it declined to 56¢/lb from 56.5c/lb for 316 turnings. 

 

LME nickel prices fell by $36/mt from Wednesday with the official three-month LME Nickel contract closing at $11,252/mt on Thursday. The official cash LME nickel contract closed on Thursday at $11,185/mt, down by $35/mt from Wednesday.

 

Some market participants are seeing flat prices on stainless steel processor scrap this week because of less volatility on LME nickel which has moved in the narrow range of $50-60/mt this week.

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