US stainless steel processor buying prices were flat for 304 and 316 solids on Monday in a quiet market that is waiting the auto industry to restart operations.
The daily Davis Index for scrap 304 solids remained at 41.5¢/lb delivered processor yard and held at 62.3¢/lb for single truckloads, for 316 solids.
The index for scrap 304 turnings moved up to 38.5¢/lb from 38¢/lb and inched up for 316 turnings to 55.8¢/lb from 55.3¢/lb.
LME nickel prices dropped by $57/mt from Thursday, as LME was closed on Friday, with the official three-month LME nickel contract settling at $12,256/mt on Monday. The official cash contract closed Monday at $12,188/mt, down by $59/mt from May 7.
Market participants expect prices to move within a narrow range this week despite a rapid increase in processor buying prices over the last couple of weeks. Processors are optimistic about prices gradually moving up with rising demand once automobile industries restart operations in mid-May.