US stainless steel processor buying prices increased for some grades with scrap 304 prices moving up even as scrap 316 prices remained unchanged on Monday.
The daily Davis Index for 304 scrap solids increased by 1¢/lb to settle at 51¢/lb delivered processor yard while 316 solids held at 71¢/lb for single truckloads.
Scrap 304 turnings also moved up by a penny to 46¢/lb, while 316 turnings were flat at 62¢/lb.
Market participants confirmed that prices were moving up in tandem with the increase in LME Nickel. LME nickel prices went up by $115/mt from Friday with the official three-month LME Nickel contract settling at $12,970/mt on Monday. The official cash contract closed Monday at $12,880/mt, up by $110/mt from Friday.