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

US stainless steel processor buying prices increased for 304 and 316 solids and turnings on Monday amid short supply.


The daily Davis Index for scrap 304 solids increased to 44.3¢/lb delivered processor yard, up from 43.5¢/lb and rose for 316 solids to 63.5¢/lb from 62.8¢/lb for single truckloads.


The index for scrap 304 turnings jumped to 40.3¢/lb from 39¢/lb, while 316 turnings increased to 53.9¢/lb from 53¢/lb on Monday.


LME nickel prices increased by $162/mt from Friday with the official three-month LME nickel contract settling at $12,036/mt on Monday. The official cash contract closed Monday at $11,950/mt, up by $143/mt from Friday.


The uptick in ferrous markets has helped to set a floor for stainless pricing. Short supply of scrap and the chance of a sideways to up markets for ferrous scrap in June, should hold the value for stainless pricing in the near term.

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