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

US stainless steel processor buying prices inched up on Friday in tandem with increasing LME nickel prices, despite subdued demand.


The daily Davis Index for scrap 304 solids moved up by 0.2¢/lb to 75¢/lb delivered processor yard and was up for 316 solids by 0.9¢/lb to 97.7¢/lb for single truckloads.


Scrap 304 turnings inched up by 0.2¢/lb to 70¢/lb delivered and rose for 316 turnings by 0.3¢/lb to 88¢/lb delivered processor yard.


LME Nickel prices increased by $55/mt from Thursday with the official three-month LME Nickel contract settling at $17,512/mt on Friday. The official cash contract closed Friday at $17,477/mt, up by $44/mt from Thursday.


Rising LME Nickel prices have spurred stainless steel processor buying prices higher this week. Still, the demand for stainless steel scrap remains weak as mills have lowered their buying tonnage this month resulting in a sluggish market. While demand remains strong in some regions, processors expect that to peter out soon.

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