US stainless steel processor buying prices dropped again across most grades, a day after reporting inclines, continuing the fluctuating trend observed in this market over the past few weeks.
The daily Davis Index for scrap 304 solids declined by 2.2¢/lb to 53¢/lb delivered processor yard and decreased for 316 by 2.8¢/lb to 73.5¢/lb for single truckloads.
The index for scrap 304 turnings fell by 1.3¢/lb to 49¢/lb but remained unchanged for 316 turnings at 66.5¢/lb delivered processor yard.
LME nickel prices decreased by $414/mt from Wednesday with the official three-month LME Nickel contract settling at $15,435/mt on Thursday. The official cash contract closed Thursday at $15,393/mt, down by $426/mt from Wednesday.
Uncertainty over mill demand and prices through the rest of the year is making it difficult for processors to gauge the buying prices for stainless-steel scrap. This trend, along with the current volatility in the LME Nickel market has led to persistent price fluctuations in the stainless-steel scrap market and made it unpredictable at least until the end of this year.