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

US stainless steel processor buying prices increased for 316 turnings but remained unchanged for 304 turnings on Friday.  


The daily Davis Index for scrap 304 solids declined to 44¢/lb from 44.3¢/lb delivered processor yard and dropped for 316 solids to 62.3¢/lb from 62.8¢/lb for single truckloads. 


The index for scrap 304 turnings was flat at 39.3¢/lb, while 316 turnings increased by 1.4¢/lb to 54.3¢/lb. 


LME nickel prices fell by $628/mt from Thursday with the official three-month LME Nickel contract settling at $12,199/mt on Friday. The official cash contract closed Friday at $12,124/mt, down by $638/mt from Thursday. 


Low demand and a slow buying market have kept stainless scrap buying prices stable despite the declines in LME nickel. Processors are cutting down on buying more material because of weak demand from mills. In fact, some market participants have stopped looking for any material to buy because of the slow market.

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