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

US stainless steel processor buying prices rose across most grades on Tuesday on a jump in the LME Nickel market.


The daily Davis Index for scrap 304 solids rose by 0.5¢/lb to 70¢/lb delivered and increased for 316 scrap solids by the same amount to 90¢/lb delivered processor yard for single truckload.


The index for scrap 304 turnings also inched up by 0.5¢/lb to 66¢/lb delivered and remained unchanged for 316 turnings at 82.5¢/lb delivered processor yard.


LME Nickel rose by $173/mt from Monday with the official three-month LME Nickel contract settling at $17,576/mt on Tuesday. The official cash contract closed Tuesday at $17,517/mt, up by $173/mt from Monday.


Stainless steel processor buying prices have been on the rise owing to increasing mill demand and tight supply. The trend is expected to continue throughout this month as well. The increase in LME nickel prices has also contributed to the uptick in stainless scrap prices since the beginning of this week. With the ferrous market expected to begin trading on Wednesday, participants are playing the waiting game to gauge the market’s short-term direction.

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