US stainless steel processor buying prices ticked up across all grades on Thursday on active demand and a rising LME Nickel market.

 

The daily Davis Index for scrap 304 solids inched up by 0.3¢/lb to 60.8¢/lb delivered processor yard and jumped up by the same amount for 316 solids to 81.8¢/lb for single truckloads.

 

The index for scrap 304 turnings rose by 0.5¢/lb to 56.3¢/lb and increased by 1.7¢/lb for 316 turnings to 74¢/lb delivered processor yard.

 

LME Nickel prices increased by $90/mt from Wednesday with the official three-month LME Nickel contract settling at $15,996/mt on Thursday. The official cash contract closed Thursday at $15,937/mt, up by $87/mt from Wednesday.

 

Stainless steel processor buying prices have risen again due to an uptrend in demand from mills over the past few weeks. Processors expect mill demand to grow at least until January next year.

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