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

US stainless steel processor buying prices increased across all grades on Thursday despite a drop in LME nickel prices. 


The daily Davis Index for scrap 304 solids increased by 1.6¢/lb to 46.5¢/lb delivered processor yard and rose by 2¢/lb for 316 solids to 65¢/lb for single truckloads. 


The index for scrap 304 turnings inched up to 41.5¢/lb from 40.8¢/lb and surged for 316 turnings by 5.9¢/lb to 56.5¢/lb. 


LME nickel prices decreased by $10/mt from Wednesday with the official three-month LME Nickel contract settling at $12,200/mt on Thursday. The official cash contract closed Thursday at $12,133/mt, down by $11/mt from Wednesday. 


Some processors, Davis Index learnt, are operating their businesses at 60pc capacity due to weak demand for stainless scrap from mills. Market participants do not expect demand to increase moving into June and attribute the rising prices to the lack of supply driven by reduced operations. 

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