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

US stainless steel processor buying prices trended upward following tight supply, robust demand, and increasing LME nickel prices.


The daily Davis Index for 304 solids rose by 0.5¢/lb to 93.2¢/lb delivered processor yard and increased for 316 solids by the same amount to $1.192/lb for single truckloads.


Scrap 304 turnings also rose by 1¢/lb to 87¢/lb and grew for 316 turnings by 1.2¢/lb to 1.089¢/lb, delivered processor yard. 


LME nickel prices were up by $385/mt from Wednesday with the official three-month LME Nickel contract settling at $19,900/mt on Thursday. The official cash contract closed at $19,769/mt today, up by $169/mt from yesterday.


Continued supply tightness coupled with robust demand has stirred up stiff competition among processors to sell material, which is pushing stainless prices higher. Moreover, participants are hoping to avoid panic buying brought on by lockdown fears arising out of increased cases following the new Delta strain of the virus that can also escalate the price situation. 






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