Processors kept bids for 304 (18-8) and 316 stainless steel scrap firm following nickel prices that were stable over the past several trading sessions.

Processors bought single loads of 304 stainless steel scrap solids at 57-58¢/lb and 304 turnings at 51-52¢/lb. Both were unchanged from the previous assessment.

Dealer and processor sources reported that trading remained largely unchanged, as London Metal Exchange (LME) nickel prices have been stable in recent days. There have not been any price fluctuations but some processors are preparing to lower prices due to anticipated weaker demand ahead of the historically-slower summer months.

The three-month LME nickel contract closed the official session at $15,730/metric tonne (t) on Wednesday, up by 0.3pc from $15,680/t the prior close. The nickel cash official settled at $15,550/t ($7.05/lb).

Processors purchased single loads of 316 stainless scrap solids at $1.01-1.04/lb and 316 turnings at 88-91¢/lb, firm from the prior day assessment.

Some processors are purchasing only what is necessary to maintain consistent flows into their yards.

Weekly west coast fas assessments of 304 stainless steel solids were unchanged at 52-53¢/lb. Delivered processor yard prices for 304 were assessed at 51-52¢/lb, also unchanged from the prior week.