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

US stainless steel processor buying prices rose across all grades on Friday in tandem with increasing LME nickel prices.


The daily Davis Index for scrap 304 solids increased by 1.7¢/lb to 72¢/lb delivered processor and inched up for 316 solids by 0.2¢/lb to 93.7¢/lb yard for single truckloads.


The index for scrap 304 turnings rose by 3.5¢/lb to 69¢/lb delivered and increased for 316 turnings by 0.3¢/lb to 84.3¢/lb delivered processor yard.


LME nickel prices inclined by $120/mt from Thursday with the official three-month LME Nickel contract settling at $16,171/mt on Friday. The official cash contract closed Friday at $16,121/mt, up by $122/mt from Thursday.


Mill demand is slowing down gradually due to the volatility in LME Nickel prices, which has caused some uncertainty and affected stainless steel prices. Still, certain stainless-steel grades like 304 continue trending up and are likely to increase further along with the rising LME Nickel market.

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