Current situation:
- Nickel prices have increased again over the past 30 days to around $7.71 per lb. (also $7.71 in the last update). Warehouse levels were 91,062 tons.
- Producer prices for stainless pipe were higher through September rising by .9% M/M (up 1.7% last month); but were down 6.4% Y/Y (down 7.7% last month).
- Higher nickel prices and speculative buying have pushed prices for stainless higher. MetalMiner’s stainless price index hit 5-year highs and stainless 304 and 316 surcharges increased on the back of higher nickel prices. Export controls in Indonesia and lackluster Philippine efforts to boost production are likely to keep nickel prices higher into 2020.
