Stainless Steel prices have increased further in the last few weeks as the Ukraine war affects the world and its industries.
The global stock of Nickel is already low, adding to price spikes that have seen LME nickel prices rally 76% since the start of 2022.
Although Nickel is only approximately 8-10% of the material in the production of Stainless Steel, the value of Nickel has risen to USD100,000/per tonne, which is affecting Stainless Steel prices.
Russia produces around 7% of the global production of Nickel, which is used to make stainless steel. Concerns over the supply of Russian Nickel has seen prices increase over the past week. In addition, Russia has released a statement saying it would restrict trade in some raw materials in response to world sanctions imposed on it.
Last week with brokers left struggling, the London Metal Exchange (LME) suspended trading in the nickel market to restore some stability.
Stainless Band has a supply chain nurtured over the years to try to ensure that customer supply is not compromised. Our commitment continues to provide the best service, product quality, and price that remains unchanged, even in these challenging times.