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

US stainless steel processor buying prices increased slightly across all grades on Tuesday amid increasing LME nickel prices.


The daily Davis Index for scrap 304 solids rose to 50.1¢/lb from 49.8¢/lb delivered processor yard and jumped for 316 solids to 69.4¢/lb from 69.3¢/lb for single truckloads.


The index for scrap 304 turnings ticked up to 45.9¢/lb from 45.8¢/lb and increased for 316 turnings to 61.5¢/lb from 61.4¢/lb delivered. 


LME nickel prices increased by $43/mt from Monday with the official three-month LME Nickel contract settling at $13,567/mt on Tuesday. The official cash contract closed Tuesday at $13,518/mt, up by $36/mt from Monday.


Stainless steel demand has remained steady but has shown signs of growing slowly over the past few weeks. Some processors are worried about the medium-term impact of the upcoming election in the US in November on prices for stainless steel, while others prefer to adopt a wait-and-watch approach, keeping close tabs on how the ferrous scrap market pans out during the rest of this month to determine the impact on processor prices.

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