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

US stainless steel processor buying prices decreased on Thursday amid falling LME Nickel prices and weakening demand. 


The daily Davis Index for scrap 304 solids dropped by 1.5¢/lb to 74.3¢/lb delivered processor yard and fell for 316 solids by the same amount to 95.5¢/lb for single truckloads.


Scrap 304 turnings declined by 1.4¢/lb to 71.7¢/lb delivered and inched down for 316 turnings by 0.2¢/lb to 87.5¢/lb delivered processor yard. 


LME Nickel prices moved down by $160/mt from Wednesday with the official three-month LME Nickel contract settling at $16,097/mt on Thursday. The official cash contract closed Thursday at $16,049/mt, down by $156/mt from Wednesday. 


Demand for stainless steel scrap is softening after a strong first quarter and processors who have gauged this trend are buying cautiously to prevent excess inventory build-up. Moreover, a rangebound LME nickel market has slowed down the stainless scrap market this month. 

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