US stainless steel processor buying prices rose across all grades amidst tight supply and increasing mill demand.
The weekly Davis Index for 201 solids was up by 3¢/lb to 39¢/lb delivered processor yard on Wednesday and rose for 301 solids by 7.2¢/lb to 57.2¢/lb for single truckloads.
The weekly index for scrap 309 solids increased by 6.7¢/lb to 91¢/lb delivered and it jumped up for 310 solids by 9.6¢/lb to $1.40/lb delivered. The index for 330 solids went up by 15.6¢/lb to $2.293/lb delivered processor yard.
The index for 409/410 solids rose by $10.5/gt to $324.5/gt delivered processor yard while it surged by $37.1/gt to $433.3/gt for 430 solids delivered.
Stainless steel processor buying prices have been on the rise in the past month. Some market participants believe this is due to increasing mill demand which continues to outpace the tight supply from scrap yards. Many processors expect high demand levels to flow into January as well.
The daily Davis Index for scrap 304 solids rose by 1.3¢/lb to 68¢/lb delivered processor yard and jumped up by 0.3¢/lb for 316 solids to 88¢/lb for single truckloads.
The index for scrap 304 turnings inched up by 0.2¢/lb to 62¢/lb delivered and it rose for 316 turnings by 0.3¢/lb to 80¢/lb for single truckloads.
LME nickel prices fell by $256/mt from Tuesday with the official three-month LME Nickel contract settling at $17,429/mt on Wednesday. The official cash contract closed Wednesday at $17,355/mt down by $295/mt from Tuesday.