US stainless steel processor buying prices increased by to 1-6¢ on Monday despite LME nickel prices moving in a narrow range.
The daily Davis Index for 304 scrap solids rose by 1.2¢ to 43.3¢/lb delivered processor yard and the index for 316 solids increased to 62.4¢/lb from 62¢/lb for single truckload.
The index for scrap 304 turnings increased by 2.1¢ to 39.2¢/lb on Monday and rose by 6.1¢/lb to 56.7¢/lb for 316 turnings.
LME nickel prices decreased by $40/mt from Friday with the official three-month LME Nickel contract closing at $11,217/mt on Monday. The official cash LME nickel contract closed on Monday at $11,162/mt, down by $30/mt from Friday.
LME nickel prices have moved by a small margin over the past week. Prices for 316 turnings, which dropped significantly on Friday due to less demand have leveled with other grades as demand for the material stabilizes according to some processors.