US stainless steel processor buying prices were rangebound for the 304/316 grades with little demand for these stainless grades.
The daily Davis Index for scrap 304 solids inched up by 0.3¢/lb to 52.7¢/lb delivered processor yard but declined by 0.4¢/lb for 316 solids to 72.4¢/lb for single truckloads delivered US processor.
The index for scrap 304 turnings moved higher by 0.2¢/lb to 48.4¢/lb delivered and increased by the same amount for 316 turnings to 64.5¢/lb delivered US processor.
LME nickel prices increased by $248/mt from Wednesday’s close with the official three-month LME Nickel contract settling at $15,400/mt on Thursday.
The demand for stainless steel processor grades remains weak with the US presidential election around the corner and the approaching year-end for the market.