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

US stainless steel processor buying prices ticked up for the 316 grades amid falling LME nickel prices on Tuesday. 


The daily Davis Index for scrap 304 solids increased to 57.7¢/lb from 57.3¢/lb delivered processor yard and rose by 1.3¢/lb for 316 solids to 78.3¢/lb for single truckloads.


The index for scrap 304 turnings ticked down to 52.2¢/lb delivered from 52.7¢/lb delivered and inched up for 316 turnings to 69¢/lb delivered from 68.8¢/lb delivered. 


LME nickel prices declined by $143/mt from Monday with the official three-month LME Nickel contract settling at $14,593/mt on Tuesday. The official cash contract closed Tuesday at $14,554/mt, down by $137/mt from Monday.


The continued demand from domestic mills has kept stainless steel processor buying prices from falling further. Instead, they have moved within a narrow range despite steeper drops on LME Nickel. According to processors, tight supply of the material has also kept the prices trending sideways.

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