US stainless steel processor buying prices remained unchanged for most grades on Friday despite a slight increase in LME nickel prices.
The daily Davis Index for scrap 304 solids inched up to 57.9¢/lb delivered processor yard from 57.8¢/lb delivered and held for 316 solids at 77¢/lb for single truckloads.
The index for scrap 304 turnings was also flat at 53¢/lb delivered and ticked up for 316 turnings to 69.9¢/lb delivered processor yard from 69.8¢/lb delivered.
LME nickel prices rose by $62/mt from Thursday with the official three-month LME Nickel contract settling at $15,246/mt on Friday. The official cash contract closed Friday at $15,210/mt, up by $75/mt from Thursday.
Stainless steel processor prices have moved in a narrow range this week amid stable and constant demand from mills and minimal changes in the LME nickel market. Market participants expect the ongoing demand to continue supporting the current price levels.