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

US stainless steel processor buying prices increased across all grades on Friday due to a significantly stronger LME Nickel market. 


The daily Davis Index for scrap 304 solids rose by 0.5¢/lb to 79¢/lb and rose for 316 solids by a penny to $1.005/lb delivered processor yard for single truckloads.


The index for scrap 304 turnings rose by 1.5¢/lb to 70.5¢/lb and was up for 316 turnings by 0.5¢/lb to 90¢/lb delivered processor yard. 


LME nickel prices increased by $509/mt from Thursday with the official three-month LME Nickel contract settling at $19,512/mt on Friday. The official cash contract closed Friday at $19,496/mt, up by $530/mt from Thursday.


Stainless steel processor buying prices have risen significantly in tandem with the stronger LME nickel market and continued demand from mills. Processors expect this trend to continue at least until the end of this month.

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