US stainless steel processor buying prices inched up across all grades on Thursday amid weak demand from mills and tight supply of the material.
The daily Davis Index for scrap 304 solids increased to 40.3¢/lb from 39.5¢/lb delivered processor yard and was up for 316 solids by 1.9¢/lb to 61.4¢/lb for single truckloads.
The index for scrap 304 turnings rose by 3.2¢/lb to 37.2¢/lb, while 316 turnings moved up to 52.6¢/lb from 52¢/lb on Thursday.
LME nickel prices were almost flat, decreasing by $2/mt from Wednesday with the official three-month LME Nickel contract settling at $12,207/mt on Thursday. The official cash contract closed Thursday at $12,134/mt, down by $1/mt from Wednesday.
Market participants don’t anticipate a price surge for the rest of the quarter as mill operations remain slow amid shutdowns that have extended from a week to 2-3 weeks now.