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

US stainless steel processor buying prices fell for all grades on Monday on a significant drop in LME Nickel prices. 


The daily Davis Index for scrap 304 solids fell by 2.5¢/lb to 68.5¢/lb delivered processor yard and 316 solids declined by 1.5¢/lb to 88.5¢/lb for single truckloads.


The index for scrap 304 turnings decreased by 4.2¢/lb to 61.8¢/lb delivered and dropped for 316 turnings by 2.5¢/lb to 80.5¢/lb delivered processor yard. 


LME Nickel prices fell by $733/mt from Friday with the official three-month LME Nickel contract settling at $17,217/mt on Monday. The official cash contract closed Monday at $17,164/mt, down by $726/mt from Friday.


After a continuous increase, stainless steel processor buying prices are declining in tandem with LME Nickel, which has fallen significantly from its highs at the beginning of January. However, market participants believe that the price volatility is a short term trend since mill demand has remained stable.  



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