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

US stainless steel processor buying prices remained unchanged for 304 solids and 316 solids and turnings while scrap 304 turnings moved up by a penny as supply for the grade tightened.


The daily Davis Index for 304 scrap solids remained at 51¢/lb delivered processor yard and the index for 316 solids was unchanged at 71¢/lb for single truckloads. 


The index for scrap 304 turnings increased by 1¢ to 47¢/lb, while 316 turnings held at 61¢/lb. 


Market participants are seeing a the supply of 304 turnings tightening with some willing to pay 48¢/lb for the grade.


LME nickel prices dropped by $115/mt from Thursday with the official three-month LME Nickel contract settling at $12,250/mt on Friday. The official cash contract closed Thursday at $12,160/mt, down by $120/mt from Thursday. 


The falling LME nickel prices are not affecting stainless steel processor buying prices that continue to hold with an upward pressure.


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