US stainless steel processor buying prices increased across all grades on Friday amid bullish market sentiments after the domestic ferrous market settled at a new high earlier in the week.
The daily Davis Index for scrap 304 solids inched up by 0.7¢/lb to 72.5¢/lb delivered processor yard and 316 solids increased by 0.5¢/lb to 91.7¢/lb for single truckloads.
The index for scrap 304 turnings rose by 0.5¢/lb to 65.5¢/lb delivered and moved up for 316 turnings by the same amount to 83.5¢/lb delivered processor yard.
LME Nickel price increased by $11/mt from Thursday with the official three-month LME Nickel contract settling at $17,997/mt on Friday. The official cash contract closed Friday at $17,970/mt, up by $19/mt from Thursday.
The rise in LME Nickel prices, a robust ferrous trading week that saw scrap prices settling $90-100/gt above the December settled prices, and continuous demand from mills has buoyed the business sentiment for stainless-steel processors. However, some market participants are trying to gauge the impact of a sluggish outlook for ferrous scrap prices in February on stainless steel processor buying prices moving forward.