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

US stainless steel processor buying prices varied according to grade on Thursday amid declining LME nickel prices. 


The daily Davis Index for scrap 304 solids fell by 0.9¢/lb to 73.9¢/lb delivered processor yard and rose for 316 solids by 0.1¢/lb to 95.9¢/lb for single truckloads.


The index for scrap 304 turnings declined by 0.4¢/lb to 71.4¢/lb delivered and increased for 316 turnings by 1.1¢/lb to 86.9¢/lb delivered processor yard. 


LME nickel prices slid by $171/mt from Wednesday with the official three-month LME Nickel contract settling at $16,012/mt on Thursday. The official cash contract closed Thursday at $15,984/mt, down by $149/mt from Wednesday.


An uncertainty in near-term demand has made processors cautious while buying stainless steel scrap, especially as the volatile LME nickel market has affected stainless steel processor buying prices this month.



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