US stainless steel processor buying prices rose for all grades on Monday. 


The daily Davis Index for 304 scrap solids rose by 1.5¢/lb to 45¢/lb delivered processor yard and increased for 316 solids to 64¢/lb from 63.6¢¢/lb for single truckloads. 


The index for scrap 304 turnings increased by a penny to 40¢/lb, while 316 turnings rose to 56¢/lb from 55.3¢/lb. 


LME nickel prices increase significantly by $367/mt from Friday with the official three-month LME Nickel contract settling at $12,334/mt on Monday. The official cash contract closed Monday at $12,255/mt, up by $368/mt from Friday. 


Tight supply and an increase on LME nickel have raised stainless steel processor buying prices for now. However, market participants expect a downward pressure on prices because of the dwindling demand from mills this month through the next, amid COVID-19 related global shutdowns.

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