US stainless steel processor buying prices increased by 1-2¢/lb across all grades on Thursday.

 

The daily Davis Index for scrap 304 solids rose by 1.6¢/lb to 56¢/lb delivered processor yard and climbed for 316 solids by 0.9¢/lb to 76.5¢/lb for single truckloads.

 

The index for scrap 304 turnings surged by 2.1¢/lb to 51¢/lb delivered and increased for 316 turnings by 0.9¢/lb to 67.5¢/lb delivered. 

 

LME nickel prices increased by $98/mt from Wednesday with the official three-month LME Nickel contract settling at $15,175/mt on Thursday. The official cash contract closed Thursday at $15,120/mt, up by $86/mt from Wednesday.

 

The current rise in prices due to the surging LME nickel and improved demand from steel mills is likely to be a temporary one, according to some market participants. In fact, processors expect a price correction as the market enters the fourth quarter due to the upcoming US elections during that time.

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