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

US stainless steel processor buying prices trended flat for most grades on Tuesday despite dropping LME Nickel prices. 


The daily Davis Index for scrap 304 solids and 316 solids remained at 67.5¢/lb delivered and 87.5¢/lb delivered processor yard for single truckloads, respectively.


The index for scrap 304 turnings was also flat at 62.5¢/lb delivered processor yard though 316 turnings inched down by 0.3¢/lb to 79.7¢/lb delivered on Tuesday. 


LME Nickel prices declined by $422/mt from Monday with the official three-month LME Nickel contract settling at $16,994/mt on Tuesday. The official cash contract closed Tuesday at $16,913/mt, down by $429/mt from Monday.


After a continuous rise throughout November and the beginning of December, stainless-steel processor buying prices are now inching down. However, the correction has not been a steep one despite the considerable fall in LME Nickel prices. According to processors, the strong demand from mills has kept stainless scrap prices from falling significantly. Some participants expect this trend to continue at least until the markets become active after the Christmas holidays.

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