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

US stainless steel processor buying prices surged on Monday after LME nickel prices increased.


The daily Davis Index for 304 scrap solids moved up by 1c/lb to settle at 49¢/lb delivered processor yard while 316 solids also increased by a penny to 69¢/lb for single truckloads. 


Scrap 304 turnings moved up by 3¢/lb to 45¢/lb with 316 turnings also rising by the same amount to 62¢/lb. 


The official three-month LME Nickel contract increased by $90/mt from Friday to close at $12,850/mt on Monday. The official cash contract closed Monday at $12,750/mt, up by $75/mt from Friday’s close of $12,675/mt.


Market participants expect processor buying prices to follow the cues set by LME nickel and rise again if LME nickel strengthens further during the week. 

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