US stainless steel processor buying prices inched up on Friday after dropping the day before in a volatile market.
The daily Davis Index for 304 solids increased by 4.2¢/lb to 91¢/lb delivered processor yard and rose for 316 solids by 0.7¢/lb to $1.197/lb for single truckloads.
Scrap 304 turnings jumped by 3¢/lb to 87.3¢/lb delivered and soared for 316 turnings by 2.2¢/lb to $1.112/lb, delivered processor yard.
LME nickel prices dropped by $175/mt from Thursday with the official three-month LME Nickel contract settling at $19,210/mt on Friday. The official cash contract closed at $19,533/mt today, down by $93/mt from yesterday.
Stainless steel processor buying prices appear to be volatile, with demand softening in a few regions where participants anticipate mills to shut for maintenance. The overall sentiment appears to be cautious since processors are likely to leverage this trend and push prices lower. Many buyers, however, have expressed uncertainty about current movements and are yet to determine if supply will continue to outpace demand only in September or until the year’s end.