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

US stainless steel processor buying prices were rangebound on Tuesday following rising LME nickel prices.


The daily Davis Index for scrap 304 solids increased by 0.3¢/lb to 75.5¢/lb delivered and was flat for 316 at 98¢/lb delivered processor yard for single truckloads.


Scrap 304 turnings rose by 0.2¢/lb to 70.5¢/lb delivered and was unchanged 316 turnings at 88¢/lb delivered processor yard.


LME nickel prices were up by $373/mt from Friday with the official three-month contract settling at $17,885/mt on Tuesday. The official cash contract closed at $17,861/mt today, up by $384/mt from Friday. The LME was closed for trading on Monday due to the May 1 holiday.


Demand has weakened in May as mills, which procured primary material such as ferro-nickel and ferro-chrome recently reduced scrap raw material volumes in stainless steel production. Still, stainless scrap prices are likely to rise given the record-breaking increase on LME Nickel today, and most processors looking to book forward deals for July.


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