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

US stainless steel processor buying prices trended sideways across all grades after the drops in the domestic ferrous market this week began weighing on the stainless steel scrap market. 


The daily Davis Index for scrap 304 solids remained at 74.1¢/lb delivered processor yard and inched up for 316 solids by 0.6¢/lb to 94.9¢/lb for single truckloads.


The index for scrap 304 turnings dropped by 0.9¢/lb to 65.9¢/lb delivered and was flat for 316 turnings at 85¢/lb delivered processor yard. 


LME nickel prices increased by $286/mt from Monday with the official three-month LME Nickel contract settling at $18,388/mt on Tuesday. The official cash contract closed Tuesday at $18,338/mt, up by $271/mt from Monday.


The rising LME nickel market as well as continuing demand from mills are putting upward pressure on stainless steel processor buying prices. However, the $50-60/gt declines in the recently concluded US domestic ferrous trade may push stainless steel pricing down. Together, these factors have kept prices rangebound this week, according to processors.

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