US stainless steel processor buying prices increased across most grades as demand from mills remained strong on Thursday.
The daily Davis Index for scrap 304 solids was flat at 80¢/lb and inched up for 316 solids by 0.9¢/lb to $1.025/lb delivered processor yard for single truckloads.
The index for scrap 304 turnings increased by 1.7¢/lb to 73.5¢/lb and was up for 316 turnings by 1.8¢/lb to 92.5¢/lb delivered processor yard.
LME nickel prices moved up by $212/mt from Wednesday with the official three-month LME Nickel contract settling at $19,614/mt on Thursday. The official cash contract closed Thursday at $19,568/mt, up by $216/mt from Wednesday.
Stainless steel processing buying prices have risen this week along with the increase in LME nickel prices and continued demand from stainless steel mills. Participants expect this trend to continue at least through early March.