US stainless steel processor buying prices fell across all grades in tandem with decreasing LME nickel prices on Thursday.
The daily Davis Index for 304 solids was down by 0.6¢/lb to 77.6¢/lb delivered processor yard and inched down for 316 solids by 0.1¢/lb to $1.04/lb for single truckloads.
Scrap 304 turnings also dropped by 2¢/lb to 73¢/lb delivered and fell for 316 turnings by 0.8¢/lb to 94¢/lb, delivered processor yard.
LME nickel prices decreased by $203/mt from Wednesday with the official three-month LME Nickel contract settling at $17,316/mt on Thursday. The official cash contract closed Thursday at $17,287/mt, down by $196/mt from Wednesday.
Stainless steel processor buying prices were impacted by the significant fall in LME Nickel which has trended down since the beginning of the week. Moreover, the summer months are a historically quiet period for the market. These factors are leading to some uncertainty and processors have taken a pause to determine the direction of the market moving forward.