The daily Davis Index for US stainless steel processor buying prices was flat on Friday with 304 scrap solids remaining at 50¢/lb delivered processor yard and 316 solids at 71¢/lb for single truckloads. 

 

The Index for scrap 304 turnings also held at 45¢/lb, while 316 turnings settled at 62¢/lb. 

 

LME nickel dropped by $225/mt from Thursday with the official three-month LME Nickel contract settling at $12,855/mt on Friday. The official cash contract closed Tuesday at $12,770/mt, down by $240/mt from Thursday.

 

Stainless processor buying prices increased during the week, but market participants believe that the increase was more a reflection of tight supply and less due to the increasing seen on LME nickel before Friday’s drop.

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