- Nickel prices have increased over the past 30 days to @$8.72 per lb. ($8.45 in the last update). Warehouse levels were sharply lower again this month at 202,896 tons (226,962 tons in the last update).
- Producer prices for stainless pipe were up month-over-month through July, rising by 3.3% M/M (up 1.5% last month); they were also up 23.2% Y/Y (up 18.8% last month).
Key factors that could affect supply or price:
- The market pricing has remained strong as material availability is still spotty on items. Domestic raw materials remain in short supply with extended lead times. We expect a continuation of higher prices through the remainder of this year and into the first quarter of 2022. Demand slowed somewhat in July as some projects have been delayed, possibly due to the price spikes. Hopefully, the projects will become active again in the next month or so.