US stainless steel processor buying prices increased on Tuesday, after LME nickel prices saw a slight rise for the second time this week.

 

The daily Davis Index for 304 scrap solids moved up by 1¢/lb to settle at 50¢/lb delivered processor yard, while 316 solids also increased by a penny to 70¢/lb for single truckloads. 

 

Scrap 304 turnings remained at 45¢/lb, while 316 turnings rose by a penny to settle at 62¢/lb. 

 

The official three-month LME Nickel contract increased by $25/mt from Monday, closing at $12,875/mt on Tuesday. The official LME nickel cash contract closed Tuesday at $12,800/mt, up by $50/mt from Monday’s close of $12,750/mt.

 

Market participants expect processor buying prices to continue increasing in tandem with the rise in LME nickel prices. 

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