US stainless steel processor buying prices moved up significantly on Thursday.
The daily Davis Index for 304 scrap solids moved up by 4¢/lb to 54¢/lb delivered processor yard, while 316 solids increased by 6¢/lb to 75¢/lb for single truckloads.
Scrap 304 turnings also surged by 3¢/lb at 48¢/lb and 316 turnings went up by 5¢/lb to 66¢/lb.
LME nickel prices went up by $155/mt from Wednesday with the official three-month LME Nickel contract settling at $13,295/mt on Thursday.
Market participants are seeing significant rise in processor buying prices with the rise in LME Nickel.