US stainless steel processor buying prices inched up for most grades after LME nickel prices rose on Friday.
The daily Davis Index for scrap 304 solids remained unchanged at 73.5¢/lb and rose for 316 solids by 0.5¢/lb to 95.5¢/lb delivered processor yard for single truckloads.
The index for scrap 304 turnings was up by 0.7¢/lb to 70.5¢/lb and jumped for 316 turnings by 1.2¢/lb to 87.7¢/lb delivered processor yard.
LME nickel prices rose by $188/mt from Thursday with the official three-month LME Nickel contract settling at $16,379/mt on Friday. The official cash contract closed Friday at $16,349/mt, up by $205/mt from Thursday.
The volatility in the LME Nickel market resulted in a decline in stainless steel processor buying prices this week. However, robust demand from mills kept stainless scrap prices from falling further. Processors believe that volatility will define the stainless steel processor market throughout March.