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

US stainless steel processor buying prices decreased for 304 solids and turnings and for 316 solids on Tuesday.


The daily Davis Index for 304 scrap solids decreased slightly to 53.6¢/lb from 54¢/lb delivered processor yard and fell for 316 solids to 73.6¢/lb from 74¢/lb for single truckloads. 


The index for scrap 304 turnings also dropped by around 1.3¢ to 47.7¢/lb, while 316 turnings moved up by 2.6¢ to 66.6¢/lb on Tuesday. 

Processor buying prices have remained consistent over the past two weeks moving within a range of 1-2¢/lb—despite the spread of the COVID-19 virus and significant movements on LME nickel—due to ongoing demand from domestic mills, according to market participants.


LME nickel prices rose significantly by $425/mt from Monday with the official three-month LME Nickel contract settling at $12,890/mt on Tuesday. The official cash contract closed Tuesday at $12,835/mt, up by $420/mt from Monday.

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