US stainless steel processor buying prices trended sideways for most grades on Wednesday after LME Nickel prices declined.
The weekly Davis Index for 201 solids remained at 45¢/lb delivered processor yard and was down for 301 solids by 2.5¢/lb to 57¢/lb for single truckloads.
The index for scrap 309 solids dropped by 1¢/lb to 93.5¢/lb delivered and declined for 310 solids by 2.5¢/lb to $1.42/lb delivered. The weekly Davis Index for 330 solids fell by 2.3¢/lb to $2.265/lb delivered processor yard.
The index for 409/410 solids was up by $14.5/gt to $459.5/gt delivered processor yard and increased by $53.5/gt to $605/gt for 430 solids delivered.
The volatility in the LME Nickel market has also caused the stainless steel export market to soften. With the domestic ferrous scrap prices projected to rise marginally next month, participants expect some impact of April ferrous trade on stainless steel prices as well. Processors remain cautious and are waiting to catch any drastic changes in the market to gauge future pricing trends.
The daily Davis Index for scrap 304 solids remained at 74.8¢/lb delivered processor yard and was flat for 316 solids at 95.8¢/lb for single truckloads.
The index for scrap 304 turnings rose by 0.3¢/lb to 71.8¢/lb delivered and was unchanged for 316 turnings at 85.8¢/lb for single truckloads.
LME Nickel prices decreased by $401/mt from Tuesday with the official three-month LME Nickel contract settling at $16,183/mt on Wednesday. The official cash contract closed Wednesday at $16,133/mt down by $393/mt from Tuesday.