Current situation

• Nickel prices have fallen over the past 30 days to @$6.80 per lb. ($7.71 in the last update).
• Warehouse levels were 64,106 tons (91,062 tons in the last update).
• Producer prices for stainless pipe were higher through October rising by 4.3% M/M (up 0.9% last month); but were down 3.2% Y/Y (down 6.4% last month).
• Higher nickel prices and speculative buying continue to make stainless markets volatile.
• Between export controls in Indonesia and lackluster Philippine efforts to boost production, to slowdowns in Chinese production, uncertainties are keeping the market unusually fluid and difficult to predict month‐over‐month.