Current situation:

  • Nickel prices have fallen over the past 30 days to @$8.03 per lb. ($7.26 in the last update). Warehouse levels were sharply lower this month at 254,982 tons (262,950 tons in the last update).
  • Producer prices for stainless pipe were up month-over-month through April, rising by 1.5% M/M (up 6.2% last month); they were also up 15.4% Y/Y (up 12.7% last month).


Key factors that could affect supply or price:

  • Prices are up another 10-14% since last update.
  • Nickel is over $8/lb.
  • Lead times continue to be extended.
  • ATI strike does not appear close to being resolved.
  • NAS/OTK have placed everybody on allocation.
  • Imports are tougher to get delivery on due to container costs and delays.