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

US stainless steel processor buying prices declined on Friday amid volatility on LME nickel.


The daily Davis Index for 304 scrap solids dropped from 51¢/lb to 50.8¢/lb delivered processor yard and 316 solids also dropped by same amount from 69.5¢/lb to 69.3¢/lb for single truckloads. 


Scrap 304 turnings also dropped from 45.5¢/lb to 44.5¢/lb on Friday, while 316 turnings remained at 59.5¢/lb. 


After dropping significantly on Thursday, LME nickel prices surged by $720/mt on Friday with the official three-month LME Nickel contract closing at $12,620/mt. The official cash LME nickel contract closed on Friday at $12,565/mt, up by $710/mt from Thursday.


The considerable fluctuations on LME nickel have seen US processor buying prices dropping over the past few days with market participants expecting a further drop in stainless steel buying prices over the next few weeks as uncertainty looms over the short- and medium-term impact of the COVID-19 virus on demand and supply.


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