US stainless steel processor buying prices moved up, down, or sideways depending on the grade, on Wednesday amid weakening demand and falling LME nickel prices. 

 

The weekly Davis Index for 201 solids fell by half a penny to 32.5¢/lb delivered processor yard on Wednesday and dropped for 301 solids by 1.4¢/lb to 44.5¢/lb for single truckloads. 

 

The index for scrap 309 solids also fell by half a penny to 76¢/lb delivered and was flat for 310 solids by at $1.17/lb delivered. The Davis Index for 330 solids increased by a penny to $1.905/lb delivered processor yard. 

 

The index for 409/410 solids rose by $1.9/gt to $314/gt delivered processor yard and climbed by $1.7/gt to $381/gt for 430 solids delivered. 

 

Processors believe that regional trends are dictating supply-demand movements, with some mill areas witnessing a strong need for stainless-steel and tight supply, while others that do not need as much tonnage witnessing higher availability. Moreover, domestic ferrous trade, which began on Tuesday, is trending sideways sending out mixed signals for stainless-steel pricing in the market.

 

The daily Davis Index for scrap 304 solids was unchanged at 54.5¢/lb delivered processor yard and was flat for 316 solids at 76¢/lb for single truckloads. 

 

The index for scrap 304 turnings increased by 0.3¢/lb to 51¢/lb delivered and inched up for 316 turnings by the same amount to 68¢/lb for single truckloads. 

 

LME nickel prices fell by $75/mt from Tuesday with the official three-month LME Nickel contract settling at $14,608/mt on Wednesday. The official cash contract closed Wednesday at $14,570/mt down by $73/mt from Tuesday.

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