US stainless steel processor buying prices were rangebound across all grades amid declining LME nickel prices on Friday.
The daily Davis Index for scrap 304 solids fell by 0.3¢/lb to 74.5¢/lb delivered processor yard and increased for 316 solids by 0.2¢/lb to 95.5¢/lb for single truckloads.
The index for scrap 304 turnings remained at 70¢/lb delivered and was up for 316 turnings by 0.2¢/lb to 86.5¢/lb delivered processor yard.
LME nickel prices decreased by $247/mt from Thursday with the official three-month LME Nickel contract settling at $18,404/mt on Friday. The official cash contract closed Friday at $18,363/mt, down by $236/mt from Thursday.
The rising LME Nickel prices over the past week had pushed up stainless steel prices. However, the strong demand from mills, kept stainless scrap prices from falling despite the decline on LME Nickel on Friday. Processors expect the demand from mills to remain strong, which could push stainless steel prices up if nickel prices improve.