US stainless steel processor buying prices saw small declines across all grades on Friday. 

 

The daily Davis Index for scrap 304 solids declined to 55.1¢/lb delivered from 55.2¢/lb delivered processor yard and ticked down for 316 solids to 75.6¢/lb delivered from 75.7¢/lb for single truckloads.

 

The index for scrap 304 turnings fell to 50.1¢/lb delivered from 50.2¢/lb delivered and inched down for 316 turnings to 68.1¢/lb delivered from 68.2¢/lb delivered. 

 

LME nickel rose by $100/mt from Thursday with the official three-month LME Nickel contract settling at $14,320/mt on Friday. The official cash contract closed Friday at $14,285/mt, up by $106/mt from Thursday.

 

Processors attribute the fall in the stainless-steel buying prices over the past two days to softening demand from mills. Some participants believe these drops are in line with historical trends during this time of the year when buyers and sellers back down from holding more inventory than needed.

Leave a Reply

Your email address will not be published.