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

US stainless steel processor buying prices trended sideways on Tuesday after LME Nickel prices declined. 


The daily Davis Index for scrap 304 solids fell by 0.6¢/lb to 70.7¢/lb delivered processor yard and increased for 316 solids by 0.3¢/lb to 94.3¢/lb for single truckloads.


The index for scrap 304 turnings declined by 0.5¢/lb to 62¢/lb delivered and inched up for 316 turnings by 0.2¢/lb to 82.7¢/lb delivered processor yard. 


LME nickel prices dropped by $50/mt from Monday with the official three-month LME Nickel contract settling at $16,181/mt on Tuesday. The official cash contract closed Tuesday at $16,131/mt, down by 36$/mt from Monday.


The LME Nickel market has been volatile over the past week causing fluctuations in stainless steel processor buying prices. Still, LME Nickel is poised to stabilize at higher levels on news of Tsingshan announcing its NPI to matte arrangement and Lygend’s plans to begin another nickel project for the EV batteries market likely to launch soon. That said, processors remain cautious in their purchases until the market stabilizes.

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