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

US stainless steel processor buying prices were mixed on Wednesday following a drop in LME Nickel prices and fluctuating demand.


The weekly Davis Index for 201 solids inched down by 0.1¢/lb to 51¢/lb delivered processor yard and was up for 301 solids by 3¢/lb to 65.2¢/lb for single truckloads.


Scrap 309 solids grew by 0.5¢/lb to $1.002/lb delivered and was up for 310 solids by 0.5¢/lb to $1.51/lb delivered. The index for 330 solids increased by 4¢/lb to $2.397/lb delivered processor yard.


The index for 409/410 solids was up by $15.6/gt to $547.5/gt delivered processor yard and increased by $8.9/gt to $639.8/gt for 430 solids delivered.


Some domestic mills are cutting back on their stainless steel scrap purchases this month while others remain firm in their demand. As a result, stainless steel processor buying prices have fluctuated this week. Moreover, volatile LME nickel prices are adding to the mixed trend in the stainless scrap market with processors unable to gauge the near-term demand trends.


The daily Davis Index for scrap 304 solids increased by 1.4¢/lb to 77.7¢/lb delivered processor yard and grew for 316 solids by 0.8¢/lb to 98.8¢/lb for single truckloads.


Scrap 304 turnings inched up by 0.2¢/lb to 73¢/lb delivered while 316 turnings rose by 0.8¢/lb to 90¢/lb for single truckloads on Wednesday.


LME nickel prices decreased by $33/mt from Tuesday with the official three-month LME Nickel contract settling at $17,942/mt on Wednesday. The official cash contract closed Wednesday at $17,932/mt down by $11/mt from Tuesday.

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