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

US stainless steel processor buying prices increased for 304 solids and turnings and 316 solids on Tuesday.  


The daily Davis Index for scrap 304 solids rose by a penny to 45¢/lb delivered processor yard and increased for 316 solids to 63¢/lb from 62.3¢/lb for single truckloads.


The index for scrap 304 turnings also moved up by 1¢/lb to 40.3¢/lb, but fell for 316 turnings to 53.7¢/lb from 54.3¢/lb.


LME nickel prices increased by $149/mt from Friday, with the official three-month LME nickel contract settling at $12,348/mt on Tuesday. The official cash contract closed Tuesday at $12,260/mt, up by $136/mt from Friday. The LME was closed on Monday because of a bank holiday.


Weak demand has plagued the stainless-steel scrap market despite a steep increase in the processor buying prices in the last couple of weeks. Some processors hope that the re-opening of the auto sector will increase demand in June, while others have paused on their purchases to balance their inventory levels with the low demand at present.

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