US stainless steel processor buying prices rose across most grades on increasing LME Nickel prices on Thursday.
The daily Davis Index for scrap 304 solids rose by 1¢/lb to 71¢/lb delivered processor yard, while 316 scrap solids trended flat at 90¢/lb for single truckloads.
The index for scrap 304 turnings was also unchanged at 66¢/lb delivered but inched up by 0.4¢/lb to 83¢/lb delivered processor yard for 316 turnings.
The LME Nickel price rose by $144/mt from Wednesday with the official three-month LME Nickel contract settling at $17,972/mt on Thursday. The official cash contract closed Thursday at $17,929/mt, up by $133/mt from Wednesday.
Continued demand from mills has buoyed stainless-steel processor buying prices over the past one month. However, this week, processors attribute the increases to the rise in the LME Nickel market, though they expect mill demand to strengthen further as the month progresses.