US stainless steel processor buying prices dropped slightly for 304 and 316 solids and remained unchanged for turnings on Thursday. 


The daily Davis Index for scrap 304 solids fell to 53.5¢/lb from 53.9¢/lb delivered processor yard and reduced for 316 solids to 72.3¢/lb from 73¢/lb for single truckloads.


The index for scrap 304 turnings remained at 46.9¢/lb delivered and held for 316 turnings at 64.9¢/lb delivered. 


LME nickel prices declined by $51/mt from Wednesday with the official three-month LME Nickel contract settling at $14,707/mt on Thursday. The official cash contract closed Thursday at $14,666/mt, down by $39/mt from Wednesday.


There is a tussle between demand and supply in the stainless-steel processors market. Strengthening demand from mills is expected to raise prices, while tight supply has led some processors to hold on to their volumes in a bid to push them down and improve their margins. As a result, stainless steel scrap prices have moved in a narrow range throughout the week, mostly in tandem with the upward or downward movement of LME nickel.

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