US stainless steel processor buying prices were rangebound on Friday due to falling LME Nickel prices despite strong demand.
The daily Davis Index for 304 solids inched up by 0.1¢/lb to 76.9¢/lb delivered processor yard and grew by 0.5¢/lb for 316 solids to $1/lb for single truckloads.
Scrap 304 turnings rose by 0.3¢/lb to 72.3¢/lb delivered and 316 turnings was up by 0.7¢/lb to 72¢/lb delivered processor yard.
LME nickel prices decreased by $20/mt from Thursday with the official three-month LME Nickel contract settling at $17,952/mt on Friday. The official cash contract closed Friday at $17,922/mt, down by $23/mt from Thursday.
Processor buying prices have not changed much during this short trading week amid steady demand. Still, the gradual decline in LME Nickel prices may impact stainless steel processor buying prices especially if demand weakens. Processors, however, expect mill requirements to remain robust this month.