Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

US stainless steel processor buying prices dropped slightly for 304 and 316 solids and remained unchanged for turnings on Thursday. 


The daily Davis Index for scrap 304 solids fell to 53.5¢/lb from 53.9¢/lb delivered processor yard and reduced for 316 solids to 72.3¢/lb from 73¢/lb for single truckloads.


The index for scrap 304 turnings remained at 46.9¢/lb delivered and held for 316 turnings at 64.9¢/lb delivered. 


LME nickel prices declined by $51/mt from Wednesday with the official three-month LME Nickel contract settling at $14,707/mt on Thursday. The official cash contract closed Thursday at $14,666/mt, down by $39/mt from Wednesday.


There is a tussle between demand and supply in the stainless-steel processors market. Strengthening demand from mills is expected to raise prices, while tight supply has led some processors to hold on to their volumes in a bid to push them down and improve their margins. As a result, stainless steel scrap prices have moved in a narrow range throughout the week, mostly in tandem with the upward or downward movement of LME nickel.

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