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

US stainless steel processor buying prices increased across all grades on Tuesday.


The daily Davis Index for scrap 304 solids rose to 49.1¢/lb from 48.6c/lb delivered processor yard and moved up for 316 solids to 68¢/lb from 67.1c/lb for single truckloads.


The index for scrap 304 turnings increased to 44.8c/lb from 44¢/lb delivered and ticked up for 316 turnings to 60c/lb from 59.4¢/lb delivered.


LME nickel prices were up by $114/mt from Monday with the official three-month LME Nickel contract settling at $12,837/mt on Tuesday. The official cash contract closed Tuesday at $12,790/mt, up by $106/mt from Monday.


Tight supply and an uptick in demand has seen stainless steel prices increasing this past week. However, processors remain concerned as COVID-19 cases surge across the US, prompting many states to rethink their restart strategy. This uncertainty is making it difficult for market participants to gauge medium-term pricing trends, though there’s a firm belief that prices will rise further in the short term.

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