US stainless steel processor buying prices increased for 304 solids and turnings and 316 solids on Tuesday.  


The daily Davis Index for scrap 304 solids rose by a penny to 45¢/lb delivered processor yard and increased for 316 solids to 63¢/lb from 62.3¢/lb for single truckloads.


The index for scrap 304 turnings also moved up by 1¢/lb to 40.3¢/lb, but fell for 316 turnings to 53.7¢/lb from 54.3¢/lb.


LME nickel prices increased by $149/mt from Friday, with the official three-month LME nickel contract settling at $12,348/mt on Tuesday. The official cash contract closed Tuesday at $12,260/mt, up by $136/mt from Friday. The LME was closed on Monday because of a bank holiday.


Weak demand has plagued the stainless-steel scrap market despite a steep increase in the processor buying prices in the last couple of weeks. Some processors hope that the re-opening of the auto sector will increase demand in June, while others have paused on their purchases to balance their inventory levels with the low demand at present.

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