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

US stainless steel processor buying prices increased on Tuesday in tandem with a rise in LME nickel prices.


The daily Davis Index for 304 solids increased by 1.3¢/lb to 79¢/lb delivered processor yard and was up for 316 solids by 2¢/lb to $1.06/lb for single truckloads.


Scrap 304 turnings climbed by 2¢/lb to 75.3¢/lb delivered and rose by the same amount for 316 turnings to 96¢/lb, delivered processor yard. 


LME nickel prices increased by $364/mt from Monday with the official three-month LME Nickel contract settling at $17,719/mt on Tuesday. The official cash contract closed Tuesday at $17,701/mt, up by $391/mt from Monday. 


The stainless steel market seems to be gaining momentum after a sluggish week. Processors expect demand to strengthen again in the near term. Moreover, LME nickel prices have also increased significantly, which has led to an uptrend in buying prices. 

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