US stainless steel processor buying prices rise in robust demand and positive market outlook for the near-term.
The daily Davis Index for 304 solids rose by 0.1¢/lb to 93.5¢/lb delivered processor yard and increased for 316 solids by 2.1¢/lb to $1.214/lb for single truckloads.
Scrap 304 turnings also increased by 0.9¢/lb to 88¢/lb and climbed for 316 turnings by the same amount to 1.10¢/lb, delivered processor yard.
LME nickel prices were down by $100/mt from Friday with the official three-month LME Nickel contract settling at $19,470/mt on Monday. The official cash contract closed at $19,725/mt today, down by $167/mt from last week.
Rising demand, tight supply, LME nickel prices volatility and panic buying from pandemic-induced uncertainties have steered market movements upward in July. Participants expect this momentum to continue into August as long as COVID-19 lockdowns do not hamper robust mill demand.