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

US stainless steel processor buying prices were rangebound for most grades on Wednesday amidst strong mill demand and decreasing LME nickel prices.


The weekly Davis Index for 201 solids rose by 1.2¢/lb to 52.7¢/lb delivered processor yard and rose for 301 solids by 0.3¢/lb to 66.3¢/lb for single truckloads. 


Scrap 309 solids increased by 0.1¢/lb to $1.038/lb delivered and moved down for 310 solids by 0.1¢/lb to $1.602/lb delivered. Scrap 330 solids grew by 1.2¢/lb to $2.599/lb delivered processor yard. 


For 409/410 solids, the index increased by $22.2/gt to $582.5/gt delivered processor yard and grew by $20.6/gt to $672.9/gt for 430 solids delivered. 


Although the LME nickel prices have been on a decline since the beginning of this week, the stainless steel processor buying prices have hardly moved much as the demand for scrap has been very strong since the start of the month. Participants do not expect the prices to be impacted by the drop in LME nickel prices much as they expect the demand to remain robust through the month.


The daily Davis Index for scrap 304 solids was down by 0.7¢/lb to 78.3¢/lb delivered processor yard and was flat for 316 solids at $1.05/lb for single truckloads. 


Scrap 304 turnings was also unchanged at 75¢/lb delivered and inched up for 316 turnings by 0.1¢/lb  to 94.8¢/lb for single truckloads. 


LME nickel prices were down by $419/mt from Tuesday with the official three-month LME Nickel contract settling at $17,519/mt on Wednesday. The official cash contract closed Wednesday at $17,483/mt, down by $426/mt from Tuesday, and down by $605/mt from $18,088/mt on June 9th.

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