US stainless steel processor buying prices rose on Tuesday on robust demand and an upward trending steel scrap market.
The daily Davis Index for 304 solids rose by 0.3¢/lb to 93.8¢/lb delivered processor yard and increased for 316 solids by 0.5¢/lb to $1.219/lb for single truckloads.
Scrap 304 turnings remained flat at 88¢/lb and grew for 316 turnings by 0.8¢/lb to 1.108¢/lb, delivered processor yard.
LME nickel prices were down by $65/mt from Monday with the official three-month LME Nickel contract settling at $19,405/mt on Tuesday. The official cash contract closed at $19,324/mt today, down by $401/mt from yesterday.
Steady domestic mill demand has kept up overall market momentum, leading to higher price expectations of new stainless products from suppliers in the near term. That said, some processors are seeing a drop in export prices as fears of an imminent global lockdown following an outbreak of the Delta variant of COVID-19 are renewed.