US stainless steel processor buying prices rose on Friday in tandem with LME nickel prices.
The daily Davis Index for 304 solids rose by 1.3¢/lb to 89.8¢/lb delivered processor yard and increased for 316 solids by 0.5¢/lb to $1.192/lb for single truckloads.
Scrap 304 turnings grew by a penny to 84¢/lb delivered and increased for 316 turnings by 1.7¢/lb to $1.087/lb delivered processor yard.
LME nickel prices were up $35/mt from Thursday with the official three-month LME Nickel contract settling at $19,685/mt on Friday. The official cash contract closed Friday at $19,650/mt, up by $110/mt from Thursday.
Stainless steel processor buying prices have risen over the past few days in tandem with the rise in LME Nickel prices. Still, processors remain cautious about buying material in anticipation of demand dropping in September, an outlook that has resulted in fluctuations in stainless steel scrap prices.