US stainless steel processor buying prices remained unchanged on Friday on a decline in the LME Nickel market.
The daily Davis Index for scrap 304 solids remained at 74¢/lb delivered processor yard and was unchanged for 316 solids at 94¢/lb for single truckloads.
The index for scrap 304 turnings held at 67.5¢/lb delivered and remained at 84.3¢/lb delivered processor yard for 316 turnings.
LME Nickel prices fell by $484/mt from Thursday with the official three-month LME Nickel contract settling at $17,938/mt on Friday. The official cash contract closed Friday at $17,906/mt, down by $464/mt from Thursday.
An uptrend in LME Nickel prices throughout this week increased stainless steel prices, which were already rising on strong demand from mills. The latter, processors believe, kept stainless steel scrap prices from bearing the brunt of the significant decline in LME Nickel on Friday. However, mill demand is expected to drop in February, which would likely decrease stainless steel scrap prices as well.