US stainless steel processor buying prices decreased by a penny for 304 solids on Tuesday as prices rose on LME Nickel. However, prices for 304 turnings, as well as 316 solids and turnings, remained flat.
The daily Davis Index for 304 scrap solids dropped by 1¢ to 51¢/lb delivered processor yard, while 316 solids heldat 71¢/lb for single truckloads.
The indices for scrap 304 turnings and 316 turnings remained unchanged at 46¢/lb and 62¢/lb, respectively.
LME nickel prices increased by $160/mt from Monday, with the official three-month LME nickel contract settling at $12,625/mt on Tuesday. The official cash contract closed Tuesday at $12,540/mt, rising by $180/mt from Monday.
LME nickel prices decreased for a few days before trending upward on Tuesday. However, rather than declining, stainless steel processor buying prices remained mostly flat because of tight material supply and high demand from domestic mills.