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

US stainless steel processor buying prices were rangebound on Tuesday on market uncertainty despite increasing LME nickel prices. 


The daily Davis Index for scrap 304 solids rose by 0.6¢/lb to 73.3¢/lb delivered processor yard and inched down for 316 solids by 0.3¢/lb to 94.7¢/lb for single truckloads.


Scrap 304 turnings declined by 0.4¢/lb to 66.3¢/lb delivered and were flat for 316 turnings at 87¢/lb delivered processor yard. 


LME nickel prices increased by $458/mt from Monday with the official three-month LME Nickel contract settling at $16,952/mt on Tuesday. The official cash contract closed Tuesday at $16,914/mt, up by $465/mt from Monday. 


Stainless steel processor buying prices have become volatile over the past week on an anticipated weakness in demand next month. Processors are still trying to gauge the medium-term pricing trends, but do not expect demand to increase through the summer months.

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