US stainless steel processor buying prices were unchanged for scrap 304 on Wednesday as processors gauged the market amid tight supply. Prices remained flat for 316 turnings but increased for scrap 316 solids.

 

The daily Davis Index for 304 scrap solids remained at 52¢/lb delivered processor yard and rose by a penny for 316 solids to 72¢/lb for single truckloads. 

 

Scrap 304 turnings held at 47¢/lb, while 316 turnings remained unchanged at 62¢/lb. 

 

The weekly Davis Index for 201 solids remained at 30¢/lb and was flat for 301 solids at 41¢/lb on Wednesday. The Index for scrap 309 solids was unchanged at 74¢/lb while it moved up by 2¢/lb for scrap 310 solids to at $1.16/lb. 

 

LME nickel prices dropped by $180/mt from Tuesday with the official three-month LME Nickel contract settling at $12,780/mt on Wednesday. The official cash contract for nickel closed on Wednesday at $12,700/mt, up by $180/mt from Tuesday. 

 

Some processors are still seeing tight supply on the scrap 304 and 316 and don’t expect any major decrease in prices.

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