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

US stainless steel processor buying prices dropped for all grades on Tuesday as demand remained weak. 


The daily Davis Index for scrap 304 solids dropped by 1.4¢/lb to 39.1¢/lb delivered processor yard and fell for 316 solids by 1.3¢/lb to 59.1¢/lb for single truckloads. 


The index for scrap 304 turnings decreased by 1.8¢/lb to 34.2¢/lb, while 316 turnings declined by the same amount to 52.2¢/lb. 


LME nickel prices increased by $7/mt from Monday with the official three-month LME Nickel contract settling at $12,327/mt on Tuesday. The official cash contract closed Tuesday at $12,251/mt, down by $5/mt from Monday. 


Processor buying prices on all stainless-steel grades have witnessed a significant drop over the past week due to low demand for May from domestic mills and uncertainty over market conditions next month due to the COVID-19 related lockdowns that have impacted both demand and supply. 

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