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 Friday.


The daily Davis Index for scrap 304 solids dropped to 45.5¢/lb from 45.9¢/lb delivered processor yard and fell for 316 solids by 1.3¢/lb to 63.4¢/lb for single truckloads. 


The index for scrap 304 turnings declined to 42.5¢/lb from 42.9¢/lb and increased for 316 turnings by 2.7¢/lb to 53.3¢/lb. 


LME nickel prices were up by $186/mt from Thursday with the official three-month LME Nickel contract settling at $12,857/mt on Friday. The official cash contract closed Friday at $12,785/mt, up by $177/mt from Thursday.


Low demand and slow material movement has caught up with stainless steel processor buying prices, which gradually declined this week after rising steadily through the latter half of May. However, processors are optimistic about a rebound as demand improved because of automotive manufacturing restarts.

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