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

US stainless steel processor buying prices were rangebound following sluggish market movements. 


The daily Davis Index for 304 solids rose by 0.4¢/lb to 90.1¢/lb delivered processor yard and was up for 316 solids by 0.1¢/lb to $1.184/lb for single truckloads.


Scrap 304 turnings grew by 0.5¢/lb to 86.3¢/lb and inched up for 316 turnings by 0.3¢/lb to 1.069¢/lb, delivered processor yard. 


LME nickel prices were up by $600/mt from Thursday with the official three-month LME Nickel contract settling at $19,470/mt on Friday. The official cash contract closed at $19,267/mt today, up by $397/mt from yesterday.


Strong demand has pushed stainless steel prices higher by 3-4c/lb this past month but the week closed rangebound in a slow market. Participants are expecting some upward movement in the near term if demand and LME nickel prices increase.



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