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

US stainless steel processor buying prices rose on Monday for all grades in anticipation of a strong ferrous market in January.


The daily Davis Index for scrap 304 solids inched up by 0.7¢/lb to 68.4¢/lb delivered processor yard while 316 solids increased by 0.5¢/lb to 88.2¢/lb for single truckloads delivered US processor.


The index for scrap 304 turnings was better by 0.9¢/lb, climbing to 62.4¢/lb delivered and rose by half-a-penny to 88.2¢/lb delivered US processor for 316 turnings.


LME Nickel prices increased by $266/mt from Dec 23 with the official three-month LME Nickel contract settling at $17,013/mt on Dec 24. The official cash contract closed Dec 24 at $16,951/mt up by $16,691/mt, up by $260/mt from Dec 23. The LME market was closed Dec 25-28 for the Christmas holidays in the UK.


Tight supply due to the colder weather and rising COVID-19 infections has processors looking to stay ahead of inventory shortages and rising pricing to find the right number to increase volumes. The price increases haven’t always led to higher volumes, leaving many processors short and looking for scrap to fill orders.

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