US stainless steel processor buying prices were rangebound despite steady demand for stainless steel scrap on Friday.
The daily Davis Index for 304 solids slipped by 0.3¢/lb to 77.7¢/lb delivered processor yard and was up for 316 solids by 0.7¢/lb to $1.01/lb for single truckloads.
Scrap 304 turnings inched up by 0.2¢/lb to 73.5¢/lb delivered and increased for 316 turnings by 0.3¢/lb to 92.5¢/lb, delivered processor yard.
LME nickel prices increased by $504/mt from Thursday with the official three-month LME Nickel contract settling at $18,322/mt on Friday. The official cash contract closed Friday at $18,303/mt, up by $520/mt from Thursday.
The volatility in LME Nickel prices has not had a great impact on stainless steel processor buying prices, which were driven by the steady demand for the material from mills this week. Processors don’t expect demand to weaken this month because of which, potential prices for stainless steel scrap prices could remain rangebound to up.