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

US stainless steel processor buying prices remained unchanged on Monday awaiting cues from the upcoming ferrous monthly trade week where sentiment is veering towards a mixed market in August. 


The daily Davis Index for scrap 304 solids increased by one-tenth of a cent to 51.3¢/lb delivered processor yard and held for 316 solids at 70.5¢/lb for single truckloads delivered US processor.


The indexes for both scrap 304 turnings and 316 turnings were flat at 46¢/lb delivered and 70.5¢/lb delivered, respectively.


LME nickel prices dropped by $72/mt on Monday from Friday, July 31, with the official three-month LME nickel contract settling at $13,734/mt.


Stainless steel scrap supply remains tight, but processors are wary of laying in more inventory ahead of weaker ferrous markets and volatile exchange pricing. Offers for material into the processors’ yards increased over the past two days as word of a potential drop in ferrous scrap prices slid into market conversations.

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