US stainless steel processor buying prices decreased by a little more than a penny for all grades on Friday.
The daily Davis Index for scrap 304 solids dropped by 1.2¢/lb to 46.6¢/lb delivered processor yard and declined for 316 solids by 1.3¢/lb to 66.6¢/lb for single truckloads.
The index for scrap 304 turnings decreased by a penny to 41.6¢/lb and fell for 316 turnings by 1.2¢/lb to 55.6¢/lb.
LME nickel prices increased by $103/mt from Thursday with the official three-month LME nickel contract settling at $12,921/mt on Friday. The official cash contract closed Friday at $12,855/mt, up by $95/mt from Thursday.
Stainless steel buying prices have moved within a narrow range over the last week. Processors are seeing some demand for the material but are skeptical if it would remain firm in the medium-term. However, for now, they see the stainless-steel market inching in the right direction as demand and supply find the right balance.