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

US stainless steel processor buying prices were rangebound as demand stays robust but LME prices became volatile.


The daily Davis Index for 304 solids increased by 0.2¢/lb to 93.4¢/lb delivered processor yard and climbed for 316 solids by 0.1¢/lb to $1.193/lb for single truckloads.


Scrap 304 turnings also rose by 0.1¢/lb to 87.1¢/lb and grew for 316 turnings by 0.2¢/lb to 1.091¢/lb, delivered processor yard. 


LME nickel prices were down by $330/mt from Thursday with the official three-month LME Nickel contract settling at $19,570/mt on Friday. The official cash contract closed at $19,892/mt today, up by $123/mt from yesterday.


Supply constraints and increasing demand continue to push stainless steel processor buying prices higher. However, LME nickel prices dropped on Friday after an upward trend throughout the week. Participants are expecting strong movements through next week until the ferrous market settles and a clear direction is visible for August.





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