Current situation:

• Nickel prices have fallen over the past 30 days to @$6.14 per lb. ($6.80 in the last update). Warehouse levels were 66,822 tons (64,106 tons in the last update).
• Producer prices for stainless pipe were higher through November rising by 3.0% M/M (up 4.3% last month); but were down 1.0% Y/Y (down 3.2% last month).
• Higher nickel prices and speculative buying continue to make stainless markets volatile. Between export controls in Indonesia and lackluster Philippine efforts to boost production, to slowdowns in Chinese production, uncertainties are keeping the market unusually fluid and difficult to predict month-over-month.