US stainless steel processor buying prices increased across all grades on Thursday.
The daily Davis Index for scrap 304 solids went up by a penny to 50¢/lb delivered processor yard, and rose for 316 solids to 69.5¢/lb from 68.9¢/lb for single truckloads.
The index for scrap 304 turnings ticked up to 46¢/lb from 45.2¢/lb and increased for 316 turnings by 1.5¢/lb to 61.5¢/lb delivered.
LME nickel prices increased by $13/mt from Wednesday with the official three-month LME Nickel contract settling at $13,478/mt on Thursday. The official cash contract closed Thursday at $13,425/mt, up by $10/mt from Wednesday.
Stainless steel prices moved within a narrow range this week on mixed demand from steel mills. Some processors have seen demand rising while others still find it muted as the demand surge after the market reopened seems to have settled and is reflecting in a sideways to firm price movement.