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

US stainless steel processor buying prices were rangebound across all grades on decreasing LME nickel prices on Friday.


The daily Davis Index for scrap 304 solids increased by 0.5¢/lb to 73.5¢/lb delivered processor yard and inched up for 316 solids by 0.3¢/lb to 95.8¢/lb for single truckloads.


The index for scrap 304 turnings remained at 66.5¢/lb delivered and increased for 316 turnings by 0.3¢/lb to 84.5¢/lb delivered processor yard.


LME nickel prices dropped by $265/mt from Thursday with the official three-month LME Nickel contract settling at $16,202/mt on Friday. The official cash contract closed Friday at $16,158/mt, up by $276/mt from Thursday.


Stainless steel processor buying prices declined by 8-9¢/lb in early March after LME nickel prices declined significantly, though strong demand from mills prevented a further slide. Prices began to improve over the last few days because of a rising LME Nickel market. Still, processors remain cautious as they are unsure about the market’s movements given the volatility on LME nickel.

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