US stainless steel processor buying prices rose across all grades except 304 solids on Monday amid an increase in LME nickel prices.
The daily Davis Index for scrap 304 solids dropped to 53c/lb from 53.4¢/lb delivered processor yard and increased for 316 solids to 72.9¢/lb from 72.1¢/lb for single truckloads.
The index for scrap 304 turnings jumped by 1.1¢/lb to 47.7¢/lb delivered and surged by 2.5¢/lb for 316 turnings to 65¢/lb delivered.
LME nickel prices increased by $303/mt from Friday with the official three-month LME Nickel contract settling at $14,602/mt on Monday. The official cash contract closed Monday at $14,548/mt, up by $313/mt from Friday.
Domestic mills like AK Steel and Allegheny have continued to increase production leading to stronger demand for stainless steel. That said, processors are not buying much at present to push down the prices of the material in Fall.