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

US stainless steel processor buying prices increased on Wednesday following strong mill demand and increasing LME nickel prices.


The weekly Davis Index for 201 solids rose by 1.8¢/lb to 55¢/lb delivered processor yard and increased for 301 solids by 5.5¢/lb to 72¢/lb for single truckloads. 


Scrap 309 solids climbed by 2.4¢/lb to $1.067/lb delivered and moved up for 310 solids by 2.8¢/lb to $1.633/lb delivered. Scrap 330 solids grew by 3¢/lb to $2.617/lb delivered processor yard. 


For 409/410 solids, the index increased by $20/gt to $610.3/gt delivered processor yard and rose by $32/gt to $712/gt for 430 solids delivered. 


Mill demand, which began strengthening at the beginning of June is expected to remain high throughout the next quarter. Moreover, an increase in LME Nickel prices has also pushed stainless steel processor buying prices higher this week.


The daily Davis Index for scrap 304 solids climbed by a penny to 84¢/lb delivered processor yard and increased by the same amount for 316 solids to $1.11/lb for single truckload. 


Scrap 304 turnings inched up by 0.3¢/lb to 79.3¢/lb delivered and increased for 316 turnings by 0.5¢/lb to $1.003/lb delivered. 


LME nickel prices were up by $214/mt from Tuesday with the official three-month LME Nickel contract settling at $18,440/mt on Wednesday. The official cash contract closed Wednesday at $18,450/mt, up by $237/mt from Tuesday, and by $583/mt from $17,867/mt on Jun 23.


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