US stainless steel processor buying prices were rangebound on Thursday after LME Nickel prices dropped again.


The daily Davis Index for 304 solids fell by 0.2¢/lb to 75¢/lb delivered processor yard and inched up for 316 solids by 0.6¢/lb to 96.9¢/lb for single truckloads.


Scrap 304 turnings increased by 0.6¢/lb to 69.9¢/lb delivered and grew for 316 turnings by 0.8¢/lb to 87.5¢/lb delivered processor yard.


LME nickel prices were down by $350/mt from Wednesday with the official three-month LME Nickel contract settling at $17,352/mt on Thursday. The official cash contract closed Thursday at $17,326/mt, down by $354/mt from Wednesday.


Processors remain cautious despite consistent demand for June after a significant drop in LME prices over the past few days. Moreover, the recent sale of steel processor ELG may have an adverse effect on the market.

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