US stainless steel processor buying prices declined by 4-6¢ on Tuesday amid an uncertain market.
The daily Davis Index for 304 scrap solids dropped by 6¢ to 36.5¢/lb delivered processor yard and 316 solids dropped by 5¢ to 58¢/lb for single truckloads.
Scrap 304 turnings also dropped by 4¢ to 34¢/lb on Tuesday, while 316 turnings declined by 6.5¢ to 50¢/lb.
LME nickel prices rose slightly by $20/mt from Monday with the official three-month LME Nickel contract closing at $11,1162/mt on Tuesday. The official cash LME nickel contract closed on Tuesday at $11,075/mt, up by $20/mt from Monday.
Processor buying prices have dropped significantly over the past week and market participants expect more short-term uncertainty. According to some processors, dealers are not even willing to quote now as making an offer amid the consistent decline seems unfeasible.