Nickel based alloys such as Monel 400, Inconel 625, Inconel 600, and Inconel 718 bar alloys have widespread manufacturing uses. These high demand alloys are most commonly used in areas that are prone to corrosion or intense heat. The price of nickel has shot up over the last few years, and demand has increased so much that is has led to a problematic shortage of nickel based alloys. They are much harder to obtain than they were in the past. This is why nickel based alloys or super alloys are only used when or where they are needed most. They are not used where other products can be used, because there just isn’t enough to go around at the moment.
Reports on Nickel Shortages and How Prices Have Fluctuated
Nickel is not the only metal that there are shortage concerns over. Many other types of metal have been harder to get as well. Recently nickel has risen to a seven month high in London, and this is largely attributed to the great demand in the steel industry for Nickel, even though it is hard to get. With such great demand and a low supply, prices for everything using Nickel have skyrocketed. The shortage and price increases of nickel based alloys do not come as a shock for most people who deal with Nickel, because they have seen the price of nickel based alloys or super alloys double and triple in price since the 1990’s. When industries began using alloys, they never dreamed that they would ever face substantial shortages.
The Production of Nickel and Dealing with the Problematic Shortages
The lead time for procurement of nickel based alloys or super alloys has increased dramatically over time. It is not uncommon for some metal producers to quote several lead times over a month long period, because the prices are not firm until the date of shipment. This has made it very hard to purchase these items, and obtaining the metals can be a very long and painstaking process. This has caused much concern in all industries that use the super alloys. Nobody can predict Nickel costs for the next month, six months, or even years from now, as the business is so unstable due to the shortage that manufacturers are experiencing. For many companies this has created a huge problem. The demand is incredible in China, and once the shortage hit China, it created a domino effect that went full force around the world. There doesn’t appear to be any solution to the problem at the moment, so all manufacturers can do is hope for the best that things will change. They are hoping that either supply will increase or demand will decrease to stabilize things.
