US stainless steel processor buying prices remained unchanged across all grades on Friday amid increasing LME nickel prices.
The daily Davis Index for scrap 304 solids was flat at 58.8¢/lb delivered processor yard and remained unchanged for 316 solids at 79¢/lb for single truckloads.
The index for scrap 304 turnings held at 54¢/lb and trended flat for 316 turnings at 71.5¢/lb delivered processor yard.
LME Nickel prices rose by $157/mt from Thursday with the official three-month LME Nickel contract settling at $15,900/mt on Friday. The official cash contract closed Friday at $15,870/mt, up by $180/mt from Thursday.
Processors remain wary about the sustainability of the unexpected demand from mills for stainless steel scrap this week. Market participants hope for sustained demand which would shore up the prices towards the end of the year. However, if this is a temporary phase, the stainless-steel processors market could return to its seasonal weakness witnessed earlier this month.