US stainless steel processor buying prices dropped in slow demand and mixed market sentiment.
The weekly Davis Index for 201 solids fell by 2.4¢/lb to 57.3¢/lb delivered processor yard and rose for 301 solids by 1.2¢/lb to 77.7¢/lb for single truckloads.
Scrap 309 solids declined by 2.7¢/lb to $1.233/lb delivered and moved down for 310 solids by 3¢/lb to $1.83/lb delivered. Scrap 330 solids fell by 4¢/lb to $2.883/lb delivered processor yard.
For 409/410 solids, the index decreased by $7.5/gt to $709.5/gt delivered processor yard and fell by $7.4/gt to $784.1/gt for 430 solids delivered.
Stainless steel processor buying prices have fluctuated with an unsure and cautious sentiment. Buyer behavior will depend on inventory levels in the near term. Moreover, market sentiment appears to vary with two prominent mills forecasting subdued demand, while the outlook is positive for other mills.
The daily Davis Index for scrap 304 solids inched down by 0.2¢/lb to 91.5¢/lb delivered processor yard and dropped for 316 solids by 0.7¢/lb to $1.203/lb for single truckloads.
Scrap 304 turnings fell by 0.7¢/lb to 87¢/lb delivered and plummeted for 316 turnings by 2¢/lb to $1.103/lb for single truckloads.
LME nickel prices were up from Tuesday by $125/mt with the official three-month LME Nickel contract settling at $19,675/mt on Wednesday. The official cash contract closed at $19,650/mt today, up by $95/mt from yesterday and up by $109/mt from $19,541/mt on Sep 1.