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The Euro, Boeing, and Nickel

by: June 29th, 2012

FInally the EU came to an agreement that sent markets soaring the last Friday in June. The rally didn’t end with just currencies, but Nickel as well. Nickel traded mainly sideways through the last week of June; ending LME Friday cash price 7.47/lb. The stainless steel demand has been weak and prices have dropped accordingly, however there are still orders and smelters are still making heats. Our orders for 316 Stainless stayed consistent for the month of July. The super alloy market definitely got a long term boost from the Boeing Defense contract of 1.8 Billion USD. Mainly Inco 718, Inco 625, and spray powder shops that coat aircraft parts will be back-ordered even further in the future due to the new contract. The Tool Steel Market has taken a small hit in lieu of Cobalt prices dropping to the lowest level in over a year. M42 dropped the most due to its heavy content of Cobalt at 8% nominal. The Stellite materials are seeing depreciation; HS-6, HS-4, and Star J all fell about 1.00/lb from our consumer. Finally our dearest Tungsten has been showing some signs of continued weakness in the Chinese demand and Supply pricing agreement between miners, and consumers. The Tungsten market shows potential weakening near term.

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