US stainless steel processor buying prices rose across most grades on Wednesday in tandem with the increasing LME nickel prices.


The weekly Davis Index for 201 solids increased by 1.6¢/lb to 41.5¢/lb delivered processor yard on Wednesday and inched down by 0.5¢/lb for 301 solids to 58.5¢/lb for single truckloads.


The index for scrap 309 solids moved up by 0.6¢/lb to 94.5¢/lb delivered and rose for 310 solids by 0.3¢/lb to $1.475/lb delivered. The weekly Davis Index for 330 solids plummeted by 13.2¢/lb to $2.271/lb delivered processor yard.


The index for 409/410 solids moved up by $41.1/gt to $416.5/gt delivered processor yard and rose by $16.7/gt to $511.1/gt for 430 solids delivered.


LME nickel prices have been volatile this week and have affected stainless-steel processor buying prices that have moved up or down in tandem with LME nickel prices.


However, steady demand from mills has kept the price swings limited to a narrow range. Market participants are also keeping a close watch on where the US domestic ferrous market settles on Wednesday to determine the future movements of stainless-steel processor buying prices.


The daily Davis Index for scrap 304 solids rose by 1.4¢/lb to 70.5¢/lb delivered processor yard and increased by 1.6¢/lb for 316 solids to 90.5¢/lb for single truckloads.


The index for scrap 304 turnings jumped by 2.7¢/lb to 65¢/lb delivered and rose for 316 turnings by 0.4¢/lb to 81.5¢/lb for single truckloads.


LME nickel prices increased by $60/mt from Tuesday with the official three-month LME Nickel contract settling at $17,731/mt on Wednesday. The official cash contract closed Wednesday at $17,675/mt up by $10/mt from Tuesday.

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