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

US stainless steel processor buying prices rose across all grades amid a significant increase in LME Nickel prices on Monday.


The daily Davis Index for scrap 304 solids rose by a penny to 69.5¢/lb delivered and moved up for 316 scrap solids by 0.5¢/lb to 89.5¢/lb delivered processor yard for single truckloads.


The index for scrap 304 turnings climbed by 1.5¢/lb to 65.5¢/lb and rose by the same amount for 316 turnings to 82.5¢/lb delivered processor yard, respectively.


LME Nickel prices increased by $796/mt from Thursday with the official three-month LME Nickel contract settling at $17,403/mt on Monday. The official cash contract closed Monday at $17,344/mt, up by $804/mt from Thursday.


Stainless-steel processor buying prices were flat on the last day of 2020 amid a lull due to the holidays. With market participants returning to business after a quiet New Year holiday, stainless-steel prices are likely to get impacted by the direction the ferrous market takes this month. Thus, processors have kept an eye on the domestic ferrous market, to gauge its effects on stainless scrap prices and demand.

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