US stainless steel processor buying prices increased across all grades on Tuesday along with LME Nickel prices, which rose again after a significant drop on Monday.
The daily Davis Index for scrap 304 solids inched up by 0.6¢/lb to 69.1¢/lb delivered processor yard and 316 solids increased by 0.4¢/lb to 88.9¢/lb for single truckloads.
The index for scrap 304 turnings inched up by 0.5¢/lb to 62.3¢/lb delivered and rose for 316 turnings by 0.6¢/lb to 81.1¢/lb delivered.
LME Nickel prices increased by $454/mt from Monday with the official three-month LME Nickel contract settling at $17,671/mt on Tuesday. The official cash contract closed Tuesday at $17,665/mt, up by $501/mt from Monday.
Stainless steel processor buying prices have been moving in tandem with the LME Nickel market this week. However, processors are still gauging the ferrous market and where it settles this month to determine how stainless-steel prices are poised moving forward.