US stainless steel processor buying prices remained unchanged on Monday.
The daily Davis Index for 304 scrap solids remained at 54¢/lb delivered processor yard and 316 solids were flat at 74¢/lb for single truckloads.
Scrap 304 turnings also held at 74¢/lb, while 316 turnings were unchanged at 64¢/lb.
Stainless steel processors saw a surge in purchase prices at the beginning of last week with increase in LME nickel and iron prices. However, despite a drop in LME nickel on Monday, processor buying prices held at current levels. Some market participants feel prices remain steady because of high demand from the mills.
LME nickel prices dropped by $280/mt from Friday with the official three-month LME Nickel contract settling at $12,465/mt on Monday. The official cash contract closed Monday at $12,415/mt, up by $295/mt from Friday.