US stainless steel processor buying prices dropped across most grades in tandem with declining LME nickel prices.
The weekly Davis Index for 201 solids inched up by 0.8¢/lb to 47.8¢/lb delivered processor yard on Wednesday and declined for 301 solids by 0.9¢/lb to 64.6¢/lb for single truckloads.
The index for scrap 309 solids dropped by 3.5¢/lb to $1.015/lb delivered and fell for 310 solids by 4.5¢/lb to $1.575/lb delivered. The weekly Davis Index for 330 solids declined by 9¢/lb to $2.59/lb delivered processor yard.
The index for 409/410 solids moved down by $7.50/gt to $463.50/gt delivered processor yard and fell by $4/gt to $564/gt for 430 solids delivered.
Processors are unable to gauge the price movement for stainless steel scrap this week amid plunging LME nickel prices and robust demand from stainless steel mills. Prices seem to be following the LME nickel market’s declines, but mill demand has kept them from dropping significantly.
The daily Davis Index for scrap 304 solids decreased by 1.5¢/lb to 78¢/lb delivered processor yard and dropped for 316 solids by 0.5¢/lb to 1.010¢/lb for single truckloads.
The index for scrap 304 turnings was flat at 73¢/lb delivered and dropped for 316 turnings by 0.2¢/lb to 92¢/lb for single truckloads.
LME nickel prices decreased by $771/mt from Tuesday with the official three-month LME Nickel contract settling at $17,864/mt on Wednesday. The official cash contract closed Wednesday at $17,802/mt down by $778/mt from Tuesday.