Processors lifted buying prices for 304 (18-8) and 316 stainless steel scrap in line with higher nickel prices on Thursday.

Argus assessed buying prices for single loads of 304 stainless scrap solids at 55-56¢/lb, up from 53-55¢/lb, and 304 turnings at 49-50¢/lb, also up from 47-49¢/lb the prior assessment.

Most processors reported higher buying prices but approached the rise in nickel with caution as the market initially reacted to President Donald Trump's 90-day pause on tariffs against most countries, while increasing tariffs on Chinese imports.

The three-month London Metal Exchange (LME) nickel contract closed the official session at $14,845/metric tonne (t) on Thursday, up by 5.8pc from $14,030/t the previous close. The nickel cash official closed at $14,590/t ($6.62/lb).

Processors bought single loads of 316 stainless steel scrap solids at $1.00-1.02/lb, up from $0.98-1.00/lb, with 316 turnings at 87-89¢/lb, up from 85-87¢/lb.

Processors bought single truckloads of mixed ferritic stainless 409/410 scrap solids at $493-537/gross ton (gt), while higher chromium 430 scrap solids were purchased at $605-650/gt, unchanged from last week.

US high-carbon ferro-chrome (Cr 65pc C 6-8pc) prices were assessed at $1.35-1.65/lb, unchanged from last week.