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

US stainless steel processor buying prices fell by 2-6¢/lb across all grades on Tuesday due to dropping LME nickel prices.


The daily Davis Index for scrap 304 solids declined by 2.4¢/lb to 70.6¢/lb delivered processor yard and fell for 316 solids by a penny to 93¢/lb for single truckloads.


The index for scrap 304 turnings plunged by 6.8¢/lb to 62.2¢/lb delivered and decreased for 316 turnings by 2¢/lb to 83.5¢/lb delivered processor yard.


LME nickel prices declined by $48/mt from Monday with the official three-month LME Nickel contract settling at $17,807/mt on Tuesday. The official cash contract closed Tuesday at $17,756/mt, down by $51/mt from Monday.


Stainless steel prices have started trending down after a continuous rise through January. Although processors believe that part of this decline is due to the volatility in the LME Nickel market, they are closely monitoring the trends in the current domestic ferrous scrap market, which is expected to fall after the upcoming February trades are completed.

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