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

US stainless steel processor buying prices increased across most grades on Thursday.


The daily Davis Index for scrap 304 solids ticked up to 49¢/lb from 48.8¢/lb delivered processor yard and rose for 316 solids to 67.3¢/lb for single truckloads from 66.8¢/lb. 


The index for scrap 304 turnings dropped to 44.3¢/lb delivered from 44.8¢/lb delivered and moved up for 316 turnings by 2.6¢/lb to 59.8¢/lb delivered. 


LME nickel prices dropped by $140/mt from Wednesday with the official three-month LME Nickel contract settling at $12,437/mt on Thursday. The official cash contract closed Thursday at $12,386/mt, down by $124/mt from Wednesday.


Stainless steel demand is gaining strength as businesses restart operations. However, supply remains tight adding to the strain on pricing. As a result, processors expect prices to continue north, despite decreases on the LME nickel, until more robust supply is restored. 

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