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Nickel down from April
Propurchaser
Nickel for delivery in three months closed at $22,045 per metric ton ($10 per pound) in London at the end of May, down a whopping $6,855 ($3.11 per pound) for the month.
Stainless steel pricing contracts are often tied to monthly changes in average nickel prices, usually with a two-month delay. The average nickel price in May was about 11 per cent lower than in April ($25,887 per metric ton or $11.77 per pound, versus $28,987 per metric ton or
$13.15 per pound).
This should exert downward pressure on stainless steel prices in July, and help offset recent increases in other key raw materials such as chrome and scrap carbon steel.
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