US stainless steel processor buying prices rose by 2-4¢ on Thursday along with a gradual rise in LME nickel prices during the week. 

 

The daily Davis Index for 304 scrap solids increased by 4¢ to 42.5¢/lb delivered processor yard while 316 solids rose by 2¢ to 62.3¢/lb for single truckloads. 

 

The index for scrap 304 turnings also increased by a penny to 38¢/lb on Thursday, while 316 turnings rose by 2.8¢ to 56.3¢/lb.

 

LME nickel prices increased by $37/mt from Wednesday with the official three-month LME Nickel contract closing at $11,288/mt on Thursday. The official cash LME nickel contract closed on Thursday at $11,221/mt, up by $46/mt from Wednesday.

 

Processors are seeing an uptick in prices following the increase of LME nickel after a significant fall in prices over the last few days, however uncertainty remains over the demand for the material from mills in May, which could lead to downward pressure in prices in the short term. 

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