US stainless steel processor buying prices dropped across most grades on Wednesday by 1-8¢/lb.
The weekly Davis Index for 201 solids fell by a penny to 25.5¢/lb delivered processor yard on Wednesday and declined for 301 solids by 1.1¢/lb to 35.3¢/lb for single truckloads.
The index for scrap 309 solids decreased by 2.1¢/lb to 61.7¢/lb delivered and dropped for 310 solids by 4¢/lb to 91¢/lb delivered. The Davis Index for 330 solids decreased by 7.8¢/lb to $1.44/lb delivered processor yard.
The index for 409/410 solids also fell by $37.6/gt to $268.8/gt delivered processor yard and dropped for 430 solids by $28.2/gt to $313.6/gt delivered.
Stainless steel scrap prices moved down this week in a trend that was widely expected, as movement of material remained slow despite the high prices. Weak demand for the material, both from domestic mills and for exports, could sustain into June with processors unwilling to predict any upward trends in the near-term.
The daily Davis Index for scrap 304 solids also reduced to 44.9¢/lb from 45¢/lb delivered processor yard but remained unchanged for 316 solids at 63¢/lb for single truckloads.
The index for scrap 304 turnings increased to 40.8¢/lb from 40.3¢/lb and dropped for 316 turnings by 3.1¢/lb to 50.6¢/lb.
LME nickel prices decreased by $138/mt from Tuesday with the official three-month LME Nickel contract settling at $12,210/mt on Wednesday. The official cash contract closed Wednesday at $12,144/mt, down by $116/mt from Tuesday.