Current situation:

• Nickel prices have increased again over the past 30 days to around $7.30 per lb. ($6.45 in the last update). 
• Producer prices for stainless pipe and tube have not reacted yet through July and remained down -2.1% M/M and -8.6% Y/Y.

U.S. tariffs on stainless steel products from China continue to threaten to cause increasing prices for stainless pipe and fittings. However, pipe has been spared a higher determination in the current round of increased tariffs.  Import seamless stainless steel pipe is declining in the near term due to declines in input raw materials. Supply of 304/316 ERW pipe remains stable, but with rising nickel prices, finished pipe prices will eventually rise in response.