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

US stainless steel processor buying prices fell on Monday as processors adopted a wait-and-watch approach at the beginning of the month, in anticipation of a weaker domestic ferrous scrap market. 


The daily Davis Index for scrap 304 solids declined by 1.5¢/lb to 73¢/lb delivered processor yard and fell for 316 solids by 2¢/lb to 94¢/lb for single truckloads.


The index for scrap 304 turnings dropped by 0.7¢/lb to 69¢/lb delivered and decreased for 316 turnings by 1.9¢/lb to 85.5¢/lb delivered processor yard. 


LME Nickel prices increased by $94/mt from Friday with the official three-month LME Nickel contract settling at $17,855/mt on Monday. The official cash contract closed on Monday at $17,807/mt, up by $80/mt from Friday.


Stainless-steel processor buying prices began to decelerate last week amid declines in the LME Nickel market. This week, processors expect prices to fall further as indications of price drops in the upcoming monthly domestic ferrous trading gain ground. As a result, processors are trying to gauge the direction the LME Nickel, as well as the domestic market, will take this month.

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