US stainless steel processor buying prices increased across most grades on Wednesday. 


The weekly Davis Index for 201 solids dropped by 2.5¢/lb to 26¢/lb delivered processor yard on Wednesday but rose for 301 solids by 1.3¢/lb to 37¢/lb for single truckloads. 


The index for scrap 309 solids ticked up to 6.63¢/lb delivered from 6.57¢/lb delivered and increased for 310 solids to 95.3¢/lb delivered from 95¢/lb delivered. The Davis Index for 330 solids moved up by 3.7¢/lb to $1.56/lb delivered processor yard. 


The index for 409/410 solids also jumped by $41/gt to $295.8/gt delivered processor yard and increased for 430 solids by $16.5/gt to $352.4/gt delivered. 


LME nickel prices have mostly trended up this week and stainless-steel buying prices have moved up in tandem. Market participants expect this trend to continue, though some processors claim that a decline in the ferrous market next month could negatively impact stainless steel buying prices. 


The daily Davis Index for scrap 304 solids rose to 47.5¢/lb from 47¢/lb delivered processor yard and ticked up for 316 solids to 66¢/lb from 65.8¢/lb for single truckloads. 


The index for scrap 304 turnings increased by 1.6¢/lb to 44.8¢/lb but declined for 316 turnings by 3.6¢/lb to 52.3¢/lb. 


LME nickel prices decreased by $26/mt from Tuesday with the official three-month LME nickel contract settling at $12,948/mt on Wednesday. The official cash contract closed Wednesday at $12,900/mt, down by $30/mt from Tuesday.

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