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

US stainless steel processor buying prices remained mostly unchanged in a market that was quiet because of the Good Friday holiday.


The daily Davis Index for 304 scrap solids was flat at 42¢/lb delivered processor yard and fell slightly for 316 solids to 63.4¢/lb, down from 63.6¢/lb for single truckloads.


The index for scrap 304 turnings dropped to 36.8¢/lb from 37¢/lb, while 316 turnings increased to 51.1¢/lb from 51¢/lb on Thursday.


The LME nickel market was closed on Friday, for the Easter weekend in the UK. The official three-month LME Nickel contract settled at $11,523/mt on Thursday, while the official cash contract closed on Thursday at $11,457/mt, up by $32/mt from the previous day.


Market participants are awaiting the settling of the ferrous markets to determine the chances of further volatility in the stainless market. The monthly domestic ferrous scrap trading started in bearish territory this week but rebounded slightly, though negotiations remained slow.

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