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

US stainless steel processor buying prices were rangebound on Monday despite dropping LME Nickel prices on robust demand.


The daily Davis Index for 304 solids remained at 75¢/lb delivered processor yard and inched up for 316 solids by 0.2¢/lb to 97.5¢/lb for single truckloads.


Scrap 304 turnings declined by 0.1¢/lb to 70.2¢/lb delivered and grew for 316 turnings by 0.3¢/lb to 88.3¢/lb delivered processor yard. 


LME nickel prices dropped by $259/mt from Friday with the official three-month LME Nickel contract settling at $16,824/mt on Monday. The official cash contract closed Monday at $16,780/mt, down by $267/mt from Friday. 


Steady demand, which is expected to remain until mills are done buying their volumes for June has kept stainless steel processor buying prices rangebound despite a fall in the LME Nickel market. That said, processors do not expect prices to rise as much even though strength in demand has kept trades active.

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