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

US weekly stainless steel processor buying prices rose on Wednesday despite volatile LME nickel prices and a sluggish market. 


The weekly Davis Index for 201 solids rose by 2.8¢/lb to 59.1¢/lb delivered processor yard and increased for 301 solids by 2.3¢/lb to 79.3¢/lb for single truckloads. 


Scrap 309 solids grew by 5.3¢/lb to $1.146/lb delivered and moved up for 310 solids by 8.3¢/lb to $1.76/lb delivered. Scrap 330 solids rose by 12.3¢/lb to $2.826/lb delivered processor yard. 


For 409/410 solids, the index increased by $12.6/gt to $677/gt delivered processor yard and grew by $5.9/gt to $782.3/gt for 430 solids delivered. 


Buying prices have increased over the week in a mixed LME Nickel market and strong demand. Still, the rising COVID-19 cases from the Delta variant and the potential for lockdowns because of them have caused some concern among market participants who believe another lockdown like the one last year could be detrimental to the market. As a result, the daily stainless steel scrap buying prices have remained rangebound so far this week.


The daily Davis Index for scrap 304 solids dropped by 0.6¢/lb to 92.7¢/lb delivered processor yard and remained unchanged for 316 solids at $1.187/lb for single truckloads. 


Scrap 304 turnings fell by 0.7¢/lb to 86¢/lb delivered and decreased for 316 turnings by 0.2¢/lb to $1.077/lb for single truckloads. 


LME nickel prices increased by $190/mt from Tuesday with the official three-month LME Nickel contract settling at $19,515/mt on Wednesday. The official cash contract closed Wednesday at $19,600/mt, up by $200/mt from Monday, and up by $1,128/mt from $18,382/mt on Jul 21.


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