US stainless steel processor buying prices moved within short range across all grades Monday, as LME Nickel prices increased.


The daily Davis Index for scrap 304 solids dropped to 57.6¢/lb from 58¢/lb delivered processor yard, and inched down for 316 solids to 77¢/lb from 77.2¢/lb for single truckloads.


The index for scrap 304 turnings also declined to 52.1¢/lb from 52.8¢/lb, but the 316 turnings index rose to 69¢/lb from 68.8¢/lb delivered. 


The price of LME Nickel increased by $167/mt from Friday, with the official three-month contract settling at $15,134/mt on Monday. The official cash contract closed Monday at $15,090/mt, rising by $155/mt from Friday.


Stainless steel processor buying prices have not seen much changes in the last couple of weeks and have moved within a very short range as per market participants. Unless the market encounters a very unusual circumstance given the upcoming US elections, the current price level are expected to remain the same for sometime as the demand from the mills have been continuous for a couple of months now after the strict global lockdowns opened up.


Leave a Reply

Your email address will not be published.