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

US stainless steel processor buying prices trended flat on Friday amid firm demand from steel mills and a slight increase in LME Nickel prices after a week of being subdued. 


The daily Davis Index for 304 solids was flat at 84.2¢/lb delivered processor yard while 304 turnings held unchanged at 79.6¢/lb for single truckloads. 


Scrap 316 solids climbed by half a penny to $1.118/lb for single truckload while 316 turnings remained at $1.005/lb, delivered processor yard. However, offers for 316 solids inched up and were heard at as high as $1.13/lb in some regions.


LME nickel prices climbed by $252/mt from Thursday with the official three-month LME Nickel contract settling at $18,330/mt on Friday. The official cash contract closed at $18,141/mt, today up by $59/mt from yesterday.


Stainless steel processor buying prices will remain in line with expectations, with participants forecasting firm demand to continue throughout summer. Many have noticed higher 304 prices in the Midwest though the overall sentiment remains positive ahead of the fourth of July weekend. 


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