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

US stainless steel processor buying prices rose on Wednesday following strong mill demand and increasing LME nickel prices.


The weekly Davis Index for 201 solids rose by 0.5¢/lb to 53.2¢/lb delivered processor yard and inched up for 301 solids by 0.2¢/lb to 66.5¢/lb for single truckloads. 


Scrap 309 solids increased by 0.5¢/lb to $1.043/lb delivered and moved up for 310 solids by 0.3¢/lb to $1.605/lb delivered. Scrap 330 solids fell by 1.2¢/lb to $2.587/lb delivered processor yard. 


For 409/410 solids, the index increased by $7.8/gt to $590.3/gt delivered processor yard and grew by $7.1/gt to $680/gt for 430 solids delivered. 


Increasing LME nickel prices and reduced inventory levels due to increased demand from domestic mills nudged stainless steel scrap prices higher on Wednesday after slight declines in the prior week. 


The daily Davis Index for scrap 304 solids was up by 1.2¢/lb to 80.2¢/lb delivered processor yard and climbed for 316 solids by 1¢/lb to $1.07/lb for single truckloads. 


Scrap 304 turnings grew by 0.8¢/lb to 76.1¢/lb delivered and increased for 316 turnings by 1¢/lb to 96¢/lb for single truckloads. 


LME nickel prices were up by $159/mt from Tuesday, with the official three-month contract settling at $17,869/mt on Wednesday. The official cash contract closed at $17,867/mt today, up by $166/mt from yesterday, and climbed by $384/mt from $17,483/mt on Jun 16.

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