US stainless steel processor buying prices continued to climb as supply remains tight through robust mill demand.
The daily Davis Index for 304 solids rose by 0.1¢/lb to 88.5¢/lb delivered processor yard and was up for 316 solids by 0.6¢/lb to $1.155/lb for single truckloads.
Scrap 304 turnings grew by 1.1¢/lb to 84.3¢/lb and increased for 316 turnings by 0.6¢/lb to 1.057¢/lb, delivered processor yard.
LME nickel prices were up by $50/mt from Monday with the official three-month LME Nickel contract settling at $18,725/mt on Tuesday. The official cash contract closed at $18,785/mt today, up by $219/mt from yesterday.
Increased ferrous scrap numbers, steady and strong demand coupled with continued supply tightness have pushed stainless steel prices higher. Participants expect this trend to last throughout July.