US stainless steel processor buying prices declined for some grades while increasing for others as LME nickel prices inched up slightly.
The weekly Davis Index for 201 solids fell by 0.7¢/lb to 30.6¢/lb delivered processor yard on Wednesday while prices for 301 solids dropped by 1.3¢/lb to 41.7¢/lb for single truckloads.
The index for scrap 309 solids also dropped by 0.8¢/lb to 71.5¢/lb delivered and it decreased for 310 solids by 1.2¢/lb to $1.115/lb delivered. The Davis Index for 330 solids fell by 1.8¢/lb to $1.775/lb delivered processor yard.
The index for 409/410 solids increased by $1/gt to $305.7/gt delivered processor yard while it inched down by the same amount to $380/gt for 430 solids delivered.
Stainless steel prices have been fluctuating around the same range as LME nickel prices. However, market participants have noticed that despite lower mill demand and tight scrap supply, buying prices remained rangebound and have not fallen significantly.
The daily Davis Index for scrap 304 solids rose by 0.7¢/lb at 53.2¢/lb delivered processor yard and was up by 2¢/lb for 316 solids to 75¢/lb for single truckloads.
The index for scrap 304 turnings rose by 0.5¢/lb to 47.5¢/lb delivered and it jumped up for 316 turnings by 2.7¢/lb to 68.2¢/lb for single truckloads.
LME nickel prices were up by $38/mt from Tuesday with the official three-month LME Nickel contract settling at $15,422/mt on Wednesday. The official cash contract closed Wednesday at $15,391/mt up by $26/mt from Tuesday.