US stainless steel processor buying prices trended mostly flat on Monday.
The daily Davis Index for 304 scrap solids held at 42¢/lb delivered processor yard and increased for 316 solids to 63.6¢/lb from 63.4¢/lb for single truckloads.
The index for scrap 304 turnings dropped to 36.4¢/lb from 36.8¢/lb, while 316 turnings fell to 51¢/lb from 51.1¢/lb.
The LME was closed on Monday because of Easter holidays in the UK but will reopen for business on Tuesday. The official three-month LME Nickel contract settled at $11,523/mt while the official cash contract closed at $11,457/mt, last week before the start of the Easter break.
The market has held at current levels over the past week according to market participants, who expect prices to become more volatile as COVID-19 related lockdowns around the world end and the export market picks up again.