US stainless steel processor buying prices were flat on Thursday amid slow activity in a quiet market on the last trading day of 2020.
The daily Davis Index for scrap 304 solids was flat at 68.5¢/lb delivered processor yard and held for 316 solids at 89¢/lb for single truckloads.
The index for scrap 304 turnings also remained unchanged at 64¢/lb delivered and leveled off at 81¢/lb for 316 turnings delivered US processor.
The three-month Nickel LME prices dropped by $231/mt from Wednesday’s close to $16,607/mt on Thursday.
Most suppliers are willing to wait until the next week to see how the ferrous market impacts stainless steel scrap, while processors are cautiously approaching next month’s market, keeping a close eye on inventories in a bid to avoid overextending their volumes.