US stainless steel processor buying prices fell across most grades as demand from mills weakened on Friday.

 

The daily Davis Index for 304 scrap solids dropped from 42.5¢/lb to 42¢/lb delivered processor yard while 316 solids decreased by 1.3¢ to 61¢/lb for single truckloads. 

 

Scrap 304 turnings also dropped from 38¢/lb to 37.8¢/lb on Friday, while 316 turnings increased to 56.8¢/lb from 56.3¢/lb. 

 

LME nickel prices fell by $6/mt from Thursday with the official three-month LME Nickel contract closing at $11,282/mt on Friday. The official cash LME nickel contract closed on Friday at $11,225/mt, up by $4/mt from Thursday.

 

Some processors are feeling the impact of COVID-19 as demand from mills, who might still need material for April orders, weakens, making them uncertain about buying additional material next month. 

 

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