US stainless steel processor buying prices moved within a narrow range across all grades on Tuesday amid increasing LME nickel prices.
The daily Davis Index for scrap 304 solids dropped to 57.3¢/lb from 57.6¢/lb delivered processor yard and remained unchanged for 316 solids at 77¢/lb for single truckloads.
The index for scrap 304 turnings increased to 52.5¢/lb delivered from 52.1¢/lb and was flat for 316 turnings at 69¢/lb delivered.
LME nickel prices increased by $139/mt from Monday with the official three-month LME Nickel contract settling at $15,273/mt on Tuesday. The official cash contract closed Tuesday at $15,218/mt, up by $128/mt from Monday.
Stainless steel processor buying prices have not seen any significant movements since last week with steady demand from domestic mills keeping processors busy and prices stable. However, export prices have been seemingly softer compared to domestic prices despite trends pointing to global stainless steel demand rising gradually.