US stainless steel processor buying prices ticked up for the 316 grades amid falling LME nickel prices on Tuesday. 


The daily Davis Index for scrap 304 solids increased to 57.7¢/lb from 57.3¢/lb delivered processor yard and rose by 1.3¢/lb for 316 solids to 78.3¢/lb for single truckloads.


The index for scrap 304 turnings ticked down to 52.2¢/lb delivered from 52.7¢/lb delivered and inched up for 316 turnings to 69¢/lb delivered from 68.8¢/lb delivered. 


LME nickel prices declined by $143/mt from Monday with the official three-month LME Nickel contract settling at $14,593/mt on Tuesday. The official cash contract closed Tuesday at $14,554/mt, down by $137/mt from Monday.


The continued demand from domestic mills has kept stainless steel processor buying prices from falling further. Instead, they have moved within a narrow range despite steeper drops on LME Nickel. According to processors, tight supply of the material has also kept the prices trending sideways.

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