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

US stainless steel processor buying prices increased in tandem with rising LME nickel prices on Thursday.


The daily Davis Index for scrap 304 solids increased by 2.7¢/lb to 73¢/lb delivered processor yard and rose for 316 solids by 2.5¢/lb to 95.5¢/lb for single truckloads.


The index for scrap 304 turnings moved up by 1.8¢/lb to 66.5¢/lb delivered and increased for 316 turnings by 0.9¢/lb to 84.2¢/lb delivered processor yard.


LME nickel prices increased by $387/mt from Wednesday with the official three-month LME Nickel contract settling at $16,467/mt on Thursday. The official cash contract closed Thursday at $16,434/mt, up by $394/mt from Wednesday.


Stainless steel processor buying prices have inched up on consistent mill demand and a rising LME Nickel market over the last two days. However, processors are cautious amid the uncertainties caused by volatility in the base metals markets throughout this week.

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