Current situation:

• Nickel prices have fallen over the past 30 days to @$7.85 per lb. ($8.03 in the last update). Warehouse levels were sharply lower this month at 239,838 tons (254,982 tons in the last update).
   
• Producer prices for stainless pipe were up month-over-month through May, rising by 1.2% M/M (up 1.5% last month); they were also up 17.8% Y/Y (up 15.4% last month).

Key factors that could affect supply or price:

• The market continues to see pricing pressure and delivery concerns as mill lead times get pushed back domestically. Import products also are suffering from freight costs and shipping delays. We expect these conditions will continue at least through third quarter and possibly through the year.