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

US stainless steel processor buying prices decreased for 304 and 316 solids on Thursday. 


The daily Davis Index for scrap 304 solids dropped to 45.9¢/lb from 46.1¢/lb delivered processor yard and fell for 316 solids to 64.7¢/lb from 65¢/lb for single truckloads. 


The index for scrap 304 turnings remained flat at 42.9¢/lb and increased for 316 turnings to 50.6¢/lb from 50.4¢/lb. 


LME nickel prices declined by $214/mt from Wednesday with the official three-month LME Nickel contract settling at $12,671/mt on Thursday. The official cash contract closed Thursday at $12,608/mt, down by $204/mt from Wednesday.


The stainless-steel scrap market has remained volatile over the past few weeks, with buying prices increasing despite weak demand. Market participants expect this trend to remain until August. However, a fall could come earlier as demonstrated by the drop in LME nickel prices on Thursday that slightly pushed down stainless-steel buying prices. 

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