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

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


The daily Davis Index for 304 scrap solids dropped to 43.3¢/lb from 43.7¢/lb delivered processor yard and moved up for 316 solids to 63.5¢/lb from 62.8¢/lb for single truckloads. 


The index for scrap 304 turnings increased by 1.1¢/lb to 39¢/lb, while 316 turnings surged by 2.1¢/lb to 55.3¢/lb. 


LME nickel prices decreased by $69/mt from Wednesday with the official three-month LME Nickel contract settling at $11,726/mt on Thursday. The official cash contract closed on Thursday at $11,657/mt, down by $55/mt from Wednesday. 


Tight supply is causing an increase in processor buying prices despite falling LME nickel, according to market participants, with some processors quoting as high as 45¢/lb for 304solids. However, mills are not ready to buy as yet, leading to a general consensus that a price correction could be expected soon.

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