US stainless steel processor buying prices fell slightly across all grades on Thursday.
The daily Davis Index for scrap 304 solids declined to 47.6¢/lb from 48.9c/lb delivered processor yard and dropped for 316 solids to 67.5¢/lb from 67.8¢/lb for single truckloads.
The index for scrap 304 turnings decreased to 44.5¢/lb from 44.6¢/lb delivered and fell for 316 turnings to 59.5¢/lb from 59.7¢/lb delivered.
LME nickel prices increased by $253/mt from Wednesday with the official three-month LME Nickel contract settling at $12,873/mt on Thursday. The official cash contract closed Thursday at $12,823/mt, up by $268/mt from Wednesday.
Stainless steel buying prices have trended downwards despite a rise in LME nickel as participants anticipate a drop in demand. A sentiment of soft to sideways prices during the upcoming July domestic ferrous trading week is also adding to the downward pressure on stainless steel processor buying prices.