US stainless steel processor buying prices were rangebound across all grades on decreasing LME nickel prices on Friday.


The daily Davis Index for scrap 304 solids increased by 0.5¢/lb to 73.5¢/lb delivered processor yard and inched up for 316 solids by 0.3¢/lb to 95.8¢/lb for single truckloads.


The index for scrap 304 turnings remained at 66.5¢/lb delivered and increased for 316 turnings by 0.3¢/lb to 84.5¢/lb delivered processor yard.


LME nickel prices dropped by $265/mt from Thursday with the official three-month LME Nickel contract settling at $16,202/mt on Friday. The official cash contract closed Friday at $16,158/mt, up by $276/mt from Thursday.


Stainless steel processor buying prices declined by 8-9¢/lb in early March after LME nickel prices declined significantly, though strong demand from mills prevented a further slide. Prices began to improve over the last few days because of a rising LME Nickel market. Still, processors remain cautious as they are unsure about the market’s movements given the volatility on LME nickel.

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