US stainless steel processor buying prices rose on Monday following growing demand.
The daily Davis Index for 304 solids rose by 1¢/lb to 90.8¢/lb delivered processor yard and increased for 316 solids by 0.3¢/lb to $1.195/lb for single truckloads.
Scrap 304 turnings grew by 2.8¢/lb to 86.8¢/lb and increased for 316 turnings by 1.5¢/lb to 1.102¢/lb, delivered processor yard.
LME nickel prices were down by $130/mt from Friday with the official three-month LME Nickel contract settling at $19,555/mt on Monday. The official cash contract closed at $19,505/mt today, down by $145/mt from last week.
Supply tightness and a leveling off in demand from early August appear to have pushed stainless steel processor buying prices upward. Participants are, however, anticipating demand to drop next month.