US stainless steel processor buying prices were rangebound across all grades on Friday in tandem with LME nickel prices.
The daily Davis Index for 304 solids rose by 0.5¢/lb to 86.8¢/lb delivered processor yard and decreased for 316 solids by 0.1¢/lb to $1.176/lb for single truckloads.
Scrap 304 turnings dropped by 0.1¢/lb to 84.2¢/lb delivered and 316 turnings declined by 0.3¢/lb to 1.087¢/lb, delivered processor yard.
LME nickel prices were unchanged from Thursday with the official three-month LME Nickel contract settling at $18,425/mt on Friday. The official cash contract closed Friday at $18,569/mt, down by $93/mt from Thursday.
Stainless steel scrap processing buying prices are moving in tandem with LME nickel prices as the outlook for demand in September remains uncertain. Still, participants expect prices to decline if LME nickel prices continue their downward trajectory through next week as well.