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

US stainless steel processor buying prices rose across most grades on Wednesday despite slightly dropping LME nickel prices.


The weekly Davis Index for 201 solids increased by 3¢/lb to 44.5¢/lb delivered processor yard on Wednesday and climbed for 301 solids by 2¢/lb to 60.5¢/lb for single truckloads.


The index for scrap 309 solids increased by 5.5¢/lb to $1/lb delivered and jumped for 310 solids by 6.5¢/lb to $1.54/lb delivered. The weekly Davis Index for 330 solids rose by 29.4¢/lb to $2.565/lb delivered processor yard.


The index for 409/410 solids moved up by $10.6/gt to $427.1/gt delivered processor yard and climbed by $3.6/gt to $515.1/gt for 430 solids delivered.


LME Nickel prices have risen steadily despite the slight decline on Wednesday. Firm demand from mills is also spurring the price rise for stainless steel scrap. However, participants are seeing a premium in prices for multiple truckloads while the single truckload prices look to be rangebound, indicating the likelihood of supply tightening in the short- to medium-term.


The daily Davis Index for scrap 304 solids remained unchanged at 72¢/lb delivered processor yard and was flat for 316 solids at 94¢/lb for single truckloads.


The index for scrap 304 turnings rose by 1.8¢/lb to 66¢/lb delivered but declined for 316 turnings by 0.5¢/lb to 83.5¢/lb for single truckloads.


LME Nickel prices decreased by $25/mt from Tuesday with the official three-month LME Nickel contract settling at $18,108/mt on Wednesday. The official cash contract closed Wednesday at $18,055/mt down by $20/mt from Tuesday.

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