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

US stainless steel processor buying daily prices were rangebound but rose for weekly grades, even as LME nickel prices dropped on Wednesday. 


The weekly Davis Index for 201 solids remained at 56¢/lb delivered processor yard and increased for 301 solids by 1.8¢/lb to 76.5¢/lb for single truckloads. 


Scrap 309 solids rose by 4.9¢/lb to $1.18/lb delivered and moved up for 310 solids by 5.5¢/lb to $1.80/lb delivered. Scrap 330 solids rose by 6.1¢/lb to $2.902/lb delivered processor yard. 


For 409/410 solids, the index increased by $26/gt to $728.1/gt delivered processor yard and rose by $18.8/gt to $813.9/gt delivered for 430 solids. 


Participants have hinted at a 10pc drop in mill demand for September, however, since most are securing multi-truckload material for a premium, the decline isn’t a concern and that is keeping prices up. That said, the LME nickel prices have been significantly declining this week after a steep increase last week, which may subdue scrap stainless steel processor buying prices. 


The daily Davis Index for scrap 304 solids dropped by 0.2¢/lb to 91.5¢/lb delivered processor yard and was flat for 316 solids at $1.21/lb for single truckloads. 


Scrap 304 turnings inched down by 0.4¢/lb to 86.9¢/lb delivered and inched up for 316 turnings by 0.1¢/lb to $1.108/lb for single truckloads. 


LME nickel prices were down by $319/mt from Tuesday, with the official three-month LME Nickel contract settling at $18,920/mt on Wednesday. The official cash contract closed at $19,019/mt today, down by $451/mt from yesterday and up by $134/mt from $18,885/mt on Aug 11.


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