Stainless Steel And The Value Of Nickel

There is currently a worldwide deficit of nickel. Stainless steel fabrication drives the prices of worldwide nickel just as much as the success of nickel depends on the pricing of stainless steel. The reason nickel and stainless steel have such a close relationship is that two-thirds of all nickel that the world mines and produces is incorporated into steel. By itself, nickel holds very little value.

It wasn’t until 1820 when Michael Faraday found that adding nickel to iron made a stronger metal. It was so strong in fact that the US military began producing nickel steel in 1885. They made weapons from nickel steel which became a critical commodity during times of war. Nickel is also combined with other metals like cobalt in order to produce super alloys used in military machinery like missiles and jet aircraft.  During the Korean conflict the U.S. the price of nickel shot up because of increased demand.  At that point the government took over production of nickel but then gave up control during the ceasefire in 1957.  Prices continued to rise and fall depending upon the demand. And while stainless steel sheet metal is composed mostly of chromium, nickel is less abundant, making up 60% of the cost of steel.

Shop Starland Metal for high-quality, stainless steel backsplash sheets, stainless steel backsplash tiles and other hard-to-find metal products.

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