US stainless steel processor buying prices remained unchanged across most grades on Friday amid declines in the LME nickel market.
The daily Davis Index for scrap 304 solids remained at 53¢/lb delivered processor yard and increased by 0.3¢/lb for 316 to 73.8¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 49¢/lb and remained unchanged for 316 turnings at 66.5¢/lb delivered processor yard.
LME Nickel prices dropped by $146/mt from Thursday with the official three-month LME Nickel contract settling at $15,289/mt on Friday. The official cash contract closed Friday at $15,256/mt, down by $137/mt from Thursday.
The direction of the stainless steel processors market remains unclear as the year-end approaches. As processors try to gauge some trends, prices have remained volatile over the past couple of weeks. According to some market participants, this trend is here to stay at least until the end of this year.