Current situation:
- Nickel prices have risen over the past 30 days to @ $5.82 per lb. ($5.42 in the last update). Warehouse levels were down slightly this month at 233,118 tons (233,604 tons in the last update).
- Producer prices for stainless pipe were down through May, falling by 0.9% M/M (down 0.8% last month as well); however, they were up 0.5% Y/Y (up 4.3% last month).
Key factors that could affect supply or price:
- No change from last month. Stainless pipe and fittings have rallied slightly, moving from the low $5.00 range two months ago to $5.82 today. Stainless-steel scrap is at 0.18 per pound for 304 grade, which is down significantly over the last quarter.
