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

US stainless steel processor buying prices declined for most grades on falling LME Nickel prices on Thursday.


The daily Davis Index for scrap 304 solids fell by a penny to 74.5¢/lb delivered processor yard and decreased by the same amount for 316 solids to 96¢/lb for single truckloads.


The index for scrap 304 turnings dropped by 0.7¢/lb to 69.8¢/lb and declined for 316 turnings by 0.2¢/lb to 87.3¢/lb delivered processor yard.


LME Nickel prices moved down by $156/mt from Wednesday with the official three-month LME Nickel contract settling at $17,704/mt on Thursday. The official cash contract closed Thursday at $17,662/mt, down by $156/mt from Wednesday.


Stainless steel processor buying prices have slowly started to drop in tandem with falling LME nickel prices. Participants expect a further decline in buying prices as we approach February, when the ferrous market is expected to plummet.

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