US stainless steel processor buying prices increased for all grades on Tuesday amid improving demand.
The daily Davis Index for scrap 304 solids increased by a penny to 76¢/lb delivered processor yard and inched up for 316 solids by 0.5¢/lb to 98¢/lb for single truckloads.
Scrap 304 turnings rose by 1.5¢/lb to 72¢/lb delivered and 316 turnings moved up by 1.2¢/lb to 88.2¢/lb delivered processor yard.
LME nickel prices dropped by $50/mt from Monday with the official three-month LME Nickel contract settling at $16,212/mt on Tuesday. The official cash contract closed Tuesday at $16,173/mt, down by $47/mt from Monday.
Demand, which is expected to strengthen in the near term, has firmed up stainless steel processor buying prices this week. Supply is also tightening as some of the smaller yards hold on to the inventory in anticipation of prices moving higher over the week.