US stainless steel processor buying prices increased across most grades on Wednesday by around 1-4¢/lb.
The weekly Davis Index for 201 solids jumped by 1.5c/lb to 26.5¢/lb delivered processor yard on Wednesday and increased for 301 solids by 1.9¢/lb to 36.4¢/lb for single truckloads.
The index for scrap 309 solids rose by 1.3¢/lb to 63.8¢/lb delivered and ticked up for 310 solids by 2.2¢/lb to 95.2¢/lb delivered. The Davis Index for 330 solids increased by 4.8¢/lb to $1.518/lb delivered processor yard.
The index for 409/410 solids increased by $46.6/gt to $306.4/gt delivered processor yard but declined for 430 solids by $16.1/gt to $341.8/gt delivered.
The daily Davis Index for scrap 304 solids inched up to 44.8¢/lb from 44.5c/lb delivered processor yard and increased for 316 solids by 2.5¢/lb to 63.5¢/lb for single truckloads.
The index for scrap 304 turnings increased to 41¢/lb from 40.7¢/lb and dropped for 316 turnings by 3.9¢/lb to 50¢/lb.
LME nickel prices increased by $59/mt from Tuesday with the official three-month LME Nickel contract settling at $12,408/mt on Wednesday. The official cash contract closed Wednesday at $12,335/mt, up by $35/mt from Tuesday.
Stainless steel scrap prices have risen over the past two weeks, but processors have paused on buying more material given the low demand from domestic mills and high market pricing. However, an improvement in demand after manufacturing and automotive facilities restarted this week, could see more buyers entering the market and putting upward pressure on prices.