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

US stainless steel processor buying prices rose across all grades on Tuesday along with rising LME nickel prices. 


The daily Davis Index for scrap 304 solids increased by 1¢/lb to 52.5¢/lb delivered processor yard and rose by the same amount for 316 solids to 73¢/lb for single truckloads.


The index for scrap 304 turnings remained at 47¢/lb delivered and inched up by 0.3/lb for 316 turnings to 65.5¢/lb delivered processor yard. 


LME nickel prices rose by $236/mt from Monday with the official three-month LME Nickel contract settling at $15,384/mt on Tuesday. The official cash contract closed Tuesday at $15,365/mt, up by $252/mt from Monday.


Stainless steel prices were rangebound on Tuesday with very little changes. Amidst the US presidential elections and the fiscal year-end, prices have been volatile through last week and participants are expecting processor buying prices to remain in this range through the end of this year. 

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