US stainless steel processor buying prices rose by 2-3¢/lb on Wednesday, despite languid market activity.
The daily Davis Index for 304 scrap solids increased by 2.3¢/lb to 42.5¢/lb delivered processor yard, and the index for 316 solids increased to 64¢/lb from 63.8¢/lb single truckloads.
The Davis Index for scrap 304 turnings increased by 2¢/lb to 37¢/lb, while the index for 316 turnings decreased by 2.5c/lb to 56.5¢/lb.
US stainless steel processor buying prices for 201 solids dropped by 1.5¢/lb to 27.5¢/lb, while 301 solids rose by 2¢/lb from last week to 33¢/lb. Scrap 309 solids increased by a penny to 60¢/lb, 310 solids increased by 2¢/lb to 0.90¢/lb, while 330 solids increased to $1.377/lb from $1.375/lb. The indexes for 409 410 solids surged by $18.5/gt to $209.1/gt, and 430 solids increased by $31.1/gt to $268.8/gt from last week.
LME nickel prices decreased by $10/mt on Wednesday from a day earlier, as the official three-month LME nickel contract settled at $11,288/mt. The official cash contract closed Wednesday at $11,220/mt, declining by $15/mt from Tuesday.
Processors told Davis Index that mills are still buying material for April, but not aggressively. They also believe domestic mills will be overwhelmed with surplus scrap because India has closed all of its ports as it fights the spread of COVID-19. The glut of scrap in tandem with tapered demand might result in prices declining.