US stainless steel processor buying prices decreased for 304 solids and turnings and for 316 solids on Tuesday.
The daily Davis Index for scrap 304 solids dropped to 44.3¢/lb from 45.2¢/lb delivered processor yard and fell for 316 solids by 2.1¢/lb to 60.8¢/lb for single truckloads.
The index for scrap 304 turnings declined by 1.7¢/lb to 40.3¢/lb and remained unchanged for 316 turnings to 53¢/lb.
LME nickel prices were down by $131/mt from Monday with the official three-month LME Nickel contract settling at $12,879/mt on Tuesday. The official cash contract closed Tuesday at $12,804/mt, down by $139/mt from Monday.
Processors remain uncertain about the short-term trends in the stainless-steel market, which has been volatile over the past few weeks. After consistently increasing in late May, stainless steel buying prices began going south at the beginning of June along with the dropping LME nickel prices, creating an environment of uncertainty as market participants try to gauge the right balance between demand and supply.