US stainless steel processor buying prices increased across all grades on Tuesday.
The daily Davis Index for scrap 304 solids rose to 49.1¢/lb from 48.6c/lb delivered processor yard and moved up for 316 solids to 68¢/lb from 67.1c/lb for single truckloads.
The index for scrap 304 turnings increased to 44.8c/lb from 44¢/lb delivered and ticked up for 316 turnings to 60c/lb from 59.4¢/lb delivered.
LME nickel prices were up by $114/mt from Monday with the official three-month LME Nickel contract settling at $12,837/mt on Tuesday. The official cash contract closed Tuesday at $12,790/mt, up by $106/mt from Monday.
Tight supply and an uptick in demand has seen stainless steel prices increasing this past week. However, processors remain concerned as COVID-19 cases surge across the US, prompting many states to rethink their restart strategy. This uncertainty is making it difficult for market participants to gauge medium-term pricing trends, though there’s a firm belief that prices will rise further in the short term.