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

US stainless steel processor buying prices rose for all grades as the market gained momentum after remaining rangebound through most of last week. 


The daily Davis Index for 304 solids ticked up by 0.6¢/lb to 93.3¢/lb delivered processor yard and increased for 316 solids by 0.7¢/lb to $1.187/lb for single truckloads.


Scrap 304 turnings also rose by 0.7¢/lb to 86.7¢/lb delivered and grew for 316 turnings by 0.6¢/lb to 1.079¢/lb, delivered processor yard. 


LME nickel prices declined by $380/mt from Monday with the official three-month LME Nickel contract settling at $19,325/mt on Tuesday. The official cash contract closed Tuesday at $19,400/mt, down by $305/mt from Monday.


Rising concerns over the Delta variant of the COVID-19 virus, which has seen the number of hospitalizations rise over the past week, have subdued the market. Moreover, supply tightness is likely to lift prices in the near term, though processors expect them to drop again once orders are fulfilled and demand wanes.

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