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

US stainless steel processor buying prices moved within short range across all grades Monday, as LME Nickel prices increased.


The daily Davis Index for scrap 304 solids dropped to 57.6¢/lb from 58¢/lb delivered processor yard, and inched down for 316 solids to 77¢/lb from 77.2¢/lb for single truckloads.


The index for scrap 304 turnings also declined to 52.1¢/lb from 52.8¢/lb, but the 316 turnings index rose to 69¢/lb from 68.8¢/lb delivered. 


The price of LME Nickel increased by $167/mt from Friday, with the official three-month contract settling at $15,134/mt on Monday. The official cash contract closed Monday at $15,090/mt, rising by $155/mt from Friday.


Stainless steel processor buying prices have not seen much changes in the last couple of weeks and have moved within a very short range as per market participants. Unless the market encounters a very unusual circumstance given the upcoming US elections, the current price level are expected to remain the same for sometime as the demand from the mills have been continuous for a couple of months now after the strict global lockdowns opened up.


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