US stainless steel processor buying prices were flat on Friday as processors gauged the way forward after a week of declines.
The daily Davis Index for 304 scrap solids remained at 42.4¢/lb delivered processor yard and 316 solids remained at 62.6¢/lb for single truckloads.
Scrap 304 turnings also settled at 40.4¢/lb on Friday, while 316 turnings remained at 58.3¢/lb.
LME nickel prices rose by $110/mt from Thursday with the official three-month LME Nickel contract closing at $11,450/mt on Friday. The official cash LME nickel contract closed on Friday at $11,370/mt, up by $135/mt from Thursday.
Processor buying prices have declined steadily this week as many market participants took to panic selling. According to some processors, the current pricing levels could restrict scrap flow for May orders.