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

 

The weekly Davis Index for 201 solids fell by 0.5¢/lb to 32¢/lb delivered processor yard but rose for 301 solids by the same amount to 43¢/lb for single truckloads.

 

The index for scrap 309 solids increased by 2.3¢/lb to 72.3¢/lb delivered and climbed for 310 solids by 5.7¢/lb to $1.127/lb delivered. The Davis Index for 330 solids increased by 6.3¢/lb to $1.793/lb delivered processor yard. 

 

The index for 409/410 solids dropped by $1.8/gt to $304.7/gt delivered processor yard and jumped by $7.8/gt to $381/gt delivered for 430 solids. 

 

Stainless steel prices are fluctuating along with the LME Nickel market. Some processors are noticing an uncertain demand for the rest of the year. As a result, they forecast continued volatility in prices due to the changes in mill projections when compared with scrap supply. 

 

The daily Davis Index for scrap 304 solids rose by 1.7¢/lb at 55.2¢/lb delivered processor yard and was up by 1.2¢/lb for 316 solids to 76.3¢/lb for single truckloads. 

 

The index for scrap 304 turnings increased by 1.2¢/lb to 50.3¢/lb delivered and fell for 316 turnings by 0.4¢/lb to 66.5¢/lb for single truckloads. 

 

LME Nickel prices were up by $205/mt from Tuesday with the official three-month LME Nickel contract settling at $15,849/mt on Wednesday. The official cash contract closed Wednesday at $15,819/mt up by $217/mt from Tuesday.

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