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

US stainless steel processor buying prices varied depending on grade, amid declining LME nickel prices on Wednesday.


The weekly Davis Index for 201 solids inched down by 0.1¢/lb to 46.4¢/lb delivered processor yard on Wednesday and decreased for 301 solids by 4.2¢/lb to 57.8¢/lb for single truckloads.


The index for scrap 309 solids declined by 1.7¢/lb to $0.983¢/lb delivered and dropped for 310 solids by 0.3¢/lb to $1.532/lb delivered. The weekly Davis Index for 330 solids fell by 1.2¢/lb to $2.513/lb delivered processor yard.


The index for 409/410 solids increased by $4.7/gt to $430.2/gt delivered processor yard and dropped by $1.9/gt to $513.2/gt for 430 solids delivered.


Stainless steel scrap prices are experiencing downward pressure this week due to the drop in LME Nickel prices. A weaker outlook for the domestic ferrous market, which is expected to trade down from January settled prices, is also pushing down stainless-steel processor buying prices. That said, processors remain uncertain whether the demand from mills will rise or fall and are awaiting further cues from the market to get more clarity on pricing trends moving forward.


The daily Davis Index for scrap 304 solids grew by 0.7¢/lb to 71.3¢/lb delivered processor yard and increased for 316 solids by 0.2¢/lb to 93.2¢/lb for single truckloads.


The index for scrap 304 turnings inched up by 0.8¢/lb to 63¢/lb delivered and rose for 316 turnings by 0.1¢/lb to 83.6¢/lb for single truckloads.


LME Nickel prices decreased by $144/mt from Tuesday with the official three-month LME Nickel contract settling at $17,663/mt on Wednesday. The official cash contract closed Wednesday at $17,623/mt down by $133/mt from Tuesday.

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