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

US stainless steel processor buying prices increased slightly across most grades on Tuesday despite declining LME Nickel prices, amid robust demand from mills. 


The daily Davis Index for scrap 304 solids jumped by 1.2¢/lb to 60.5¢/lb delivered processor yard and inched up by 0.7¢/lb for 316 solids to 81¢/lb for single truckloads.


The index for scrap 304 turnings rose by 0.5¢/lb to 55.5¢/lb and fell by 0.2¢/lb for 316 turnings to 72.5¢/lb delivered processor yard. 


LME Nickel price dropped by $238/mt from Monday with the official three-month LME Nickel contract settling at $16,150/mt on Tuesday. The official cash contract closed Tuesday at $16,102/mt, down by $241/mt from Monday.


Stainless steel processor buying prices continued to rise on Tuesday following the increasing need for the material and tighter supply. Processors are hoping this trend will sustain until the end of the year so that they can compensate for the sluggish trade during the first half of the year due to COVID-19 lockdowns. That said, participants are still trying to gauge the trends that will define the market this month.

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