US stainless steel processor buying prices followed the significant decrease in LME nickel last week to drop by 2-3¢/lb on Monday. 

 

The daily Davis Index for scrap 304 solids delivered processor yard decreased by 2¢/lb to 48¢/lb while 316 scrap solids fell by 3¢/lb from Friday to 68¢/lb for single truckloads. 

 

The Index for scrap 304 turnings also declined on Monday by 2¢/lb to 43¢/lb and scrap 316 turnings decreased by a penny from Friday to 61¢/lb. 

 

The three-month LME nickel contract settled at $12,745/mt and the LME cash nickel contract dropped by $315-340/mt on Monday to settle at $12,650/mt. 

 

Market participants were anticipating the price drop, given how nickel was trending downwards. 

 

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