US stainless steel processor buying prices increased across most grades as mill demand strengthened on Friday.
The daily Davis Index for scrap 304 solids increased by 1¢/lb to 75¢/lb delivered processor yard but remained unchanged for 316 solids at 96.8¢/lb for single truckloads.
The index for scrap 304 turnings rose by 1.2¢/lb to 67.7¢/lb delivered and increased for 316 turnings by 0.5¢/lb to 87.5¢/lb delivered processor yard.
LME nickel prices declined by $102/mt from Wednesday with the official three-month LME Nickel contract settling at $16,048/mt on Thursday. The official cash contract closed Thursday at $16,001/mt, down by $97/mt from Wednesday. The LME market was closed on Friday for the Easter weekend.
Stainless steel prices have climbed this week despite falling LME nickel prices due to the strength in mill demand. That said, many processors are holding their purchases preferring to wait until the market stabilizes to return to the market for larger volumes.