US stainless steel processor buying prices were flat Friday, despite LME nickel decreased once again.
The daily Davis Index for 304 scrap solids was unchanged on Friday at 50¢/lb delivered processor yard. while 316 solids remained at 71¢/lb for single truckloads.
Scrap 304 turnings also remained unchanged from Thursday at 45¢/lb, while316 turnings were flat at 62¢/lb.
The three-month LME nickel contract settled at $13,060/mt, while the nickel cash contract settled at $12,990/mt. LME nickel declined by $310-315/mt on Friday from a day earlier.
Market participants expect prices to decrease on Monday if LME nickel continues trending downward.