US stainless steel processor buying prices were rangebound on Monday despite dropping LME Nickel prices on robust demand.
The daily Davis Index for 304 solids remained at 75¢/lb delivered processor yard and inched up for 316 solids by 0.2¢/lb to 97.5¢/lb for single truckloads.
Scrap 304 turnings declined by 0.1¢/lb to 70.2¢/lb delivered and grew for 316 turnings by 0.3¢/lb to 88.3¢/lb delivered processor yard.
LME nickel prices dropped by $259/mt from Friday with the official three-month LME Nickel contract settling at $16,824/mt on Monday. The official cash contract closed Monday at $16,780/mt, down by $267/mt from Friday.
Steady demand, which is expected to remain until mills are done buying their volumes for June has kept stainless steel processor buying prices rangebound despite a fall in the LME Nickel market. That said, processors do not expect prices to rise as much even though strength in demand has kept trades active.