US daily stainless-steel processor buying prices remained unchanged for scrap 304 and moved up by a penny for scrap 316. However, weekly prices for other grades saw a decline due to the significant drop in LME nickel this week.
The daily Davis Index for 304 scrap solids remained at 48¢/lb delivered processor yard, while 316 solids moved up to 69¢/lb for single truckloads.
Scrap 304 turnings also held at 43¢/lb and 316 turnings settled at 59¢/lb.
The weekly Davis Index for 201 scrap solids was down by 2¢/lb from the previous week to 28¢/lb, while 301 scrap solids decreased by a penny to 39¢/lb. The Index for 310 scrap solids dropped significantly by 10¢/lb to $1.07/lb while 409/410 scrap solids increased by $14/gt at $249/gt.
LME nickel dropped again by $110/mt from Tuesday with the official three-month LME Nickel contract settling at $12,720/mt on Wednesday. The official cash contract closed Wednesday at $12,625/mt, down by $150/mt from Tuesday.
Most Market participants are hoping to see main grade stainless prices tighten as nickel seems to have bottomed out. However, some predict a further decrease in prices due to the consistent drop in LME.