US stainless steel processor buying prices were rangebound on Tuesday on market uncertainty despite increasing LME nickel prices.
The daily Davis Index for scrap 304 solids rose by 0.6¢/lb to 73.3¢/lb delivered processor yard and inched down for 316 solids by 0.3¢/lb to 94.7¢/lb for single truckloads.
Scrap 304 turnings declined by 0.4¢/lb to 66.3¢/lb delivered and were flat for 316 turnings at 87¢/lb delivered processor yard.
LME nickel prices increased by $458/mt from Monday with the official three-month LME Nickel contract settling at $16,952/mt on Tuesday. The official cash contract closed Tuesday at $16,914/mt, up by $465/mt from Monday.
Stainless steel processor buying prices have become volatile over the past week on an anticipated weakness in demand next month. Processors are still trying to gauge the medium-term pricing trends, but do not expect demand to increase through the summer months.