US stainless steel processor buying prices decreased on Tuesday in a quiet market.
The daily Davis Index for 304 scrap solids dropped by 2¢/lb to 49¢/lb delivered processor yard while 316 solids fell by the same amount to 69¢/lb for single truckloads.
Scrap 304 turnings dropped by a penny to 45¢/lb and 316 turnings were flat at 62¢/lb.
LME nickel prices went up by $139/mt from Monday with the official three-month LME Nickel contract settling at $13,109/mt on Tuesday.
Market participants are seeing prices remaining unchanged but expect a downward pressure in the short term despite the increase in nickel LME prices.