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

US stainless steel processor buying prices rose slightly on Thursday on demand from big sheet mills despite a decline in LME Nickel prices.


The daily Davis Index for scrap 304 solids increased by 0.4¢/lb to 76.7¢/lb delivered processor yard and was up for 316 solids by 0.5¢/lb to 99.5¢/lb for single truckloads.


Scrap 304 turnings increased by 1.3¢/lb to 72.5¢/lb delivered and inched up for 316 turnings by 0.4¢/lb to 89.2¢/lb delivered processor yard.


LME nickel prices were down by $38/mt from Wednesday with the official three-month LME Nickel contract settling at $17,975/mt on Thursday. The official cash contract closed Thursday at $17,943mt, down by $42/mt from Wednesday.


Big sheet mills’ demand for stainless steel has remained strong even though it has softened for smaller bar mills. The high LME Nickel prices, which have mostly trended up have also contributed to the rise in stainless steel processor buying prices this week. Continued demand from sheet mills and LME Nickel together are expected to keep upward pressure on stainless scrap prices.

Leave a Reply

Your email address will not be published.