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

US stainless steel processor buying prices diverged for 304 and 316 grades on Monday. Prices for 304 solids and turnings increased following a rise in the LME Nickel market, but the 316 grades saw marginal declines. 


The daily Davis Index for scrap 304 solids increased by 1.2¢/lb to 55.7¢/lb delivered processor yard and fell by 0.2¢/lb for 316 solids to 75¢/lb for single truckloads.


The index for scrap 304 turnings rose by 1.8¢/lb to 51.3¢/lb delivered but dropped for 316 turnings by 0.2¢/lb to 68.3¢/lb delivered processor yard. 


LME Nickel prices increased by $238/mt from Friday with the official three-month LME Nickel contract settling at $16,083/mt on Monday. The official cash contract closed on Monday at $16,030/mt, up by $215/mt from Friday.


The rise in the LME nickel market is spurring stainless steel processor buying prices, which remained rangebound throughout last week. Tightening inventory levels and a strong export market have also led to an increase in processor buying prices, according to some processors. 

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