US stainless steel processor buying prices increased across all grades on Thursday.
The daily Davis Index for scrap 304 solids rose by 1.9¢/lb to 78.5¢/lb and grew for 316 solids by 3.5¢/lb to 99.5¢/lb delivered processor yard for single truckloads.
The index for scrap 304 turnings rose by 1.3¢/lb to 69¢/lb and was up for 316 turnings by 1.4¢/lb to 88.5¢/lb delivered processor yard.
LME nickel prices rose by $258/mt from Wednesday with the official three-month LME Nickel contract settling at $19,003/mt on Thursday. The official cash contract closed Thursday at $18,966/mt, up by $262/mt from Wednesday.
Stainless steel processor buying prices have risen in line with the LME nickel market. Processors see the upward pressure on prices continuing amid strong mill demand along with rising LME nickel prices.