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

US stainless steel processor buying prices increased across all grades on Friday amid bullish market sentiments after the domestic ferrous market settled at a new high earlier in the week.


The daily Davis Index for scrap 304 solids inched up by 0.7¢/lb to 72.5¢/lb delivered processor yard and 316 solids increased by 0.5¢/lb to 91.7¢/lb for single truckloads.


The index for scrap 304 turnings rose by 0.5¢/lb to 65.5¢/lb delivered and moved up for 316 turnings by the same amount to 83.5¢/lb delivered processor yard.


LME Nickel price increased by $11/mt from Thursday with the official three-month LME Nickel contract settling at $17,997/mt on Friday. The official cash contract closed Friday at $17,970/mt, up by $19/mt from Thursday.


The rise in LME Nickel prices, a robust ferrous trading week that saw scrap prices settling $90-100/gt above the December settled prices, and continuous demand from mills has buoyed the business sentiment for stainless-steel processors. However, some market participants are trying to gauge the impact of a sluggish outlook for ferrous scrap prices in February on stainless steel processor buying prices moving forward.

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