Current situation:
- Nickel prices have risen over the past 30 days to @$6.58 per lb. ($6.02 in the last update). Warehouse levels were up this month at 238,638 tons (234,738 tons in the last update).
- Producer prices for stainless pipe were down month-over-month through July, slipping by 0.2% M/M (up 0.2% last month); they were up 3.2% Y/Y (up 1.4% last month).
Key factors that could affect supply or price:
- 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 $0.30 per pound for 304 grade ($0.25 per pound on a 30-day moving average).
