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Discovered in the 18 th century , nickel is one of the key elements that allow people to live and prosper in the modern world . In its pure form , it is a silvery-white metal that has noticeably attractive properties such as toughness , resistance to both corrosion and heat , and high melting and boiling points . Belonging to the transition metals , it also stands out for its relatively high electrical and thermal conductivity properties .
Its most important quality is , perhaps , its ability to alloy with other metals to create remarkable materials . There are thousands of nickel-based metals and alloys used regularly within major industrial segments . For instance , roughly 65 % of its world production is utilized in the manufacturing of stainless steel . At its peak in 2019 there were over 52,000,000 tons of stainless steel produced globally and , prior to the pandemic , that number had been steadily increasing year over year for a decade .
Nickel Prices Exploding Worldwide
The current Ukraine-Russia War has drastically impacted the stock market and global economy that has already been struggling to recover from the pandemic
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. The sudden increase in the price of commodities has drawn attention , especially nickel prices . Russia is the world ’ s third-largest producer of nickel overall and the largest of primary nickel products . Its ability to export goods and participate in world trade has however been dramatically hindered due to continuing sanctions .
In March 2022 , the world ’ s largest metal exchange suspended nickel trading after the price rapidly rose within two days and surpassed USD $ 100,000 per ton . Just a few days earlier it had been trading at roughly USD $ 25,000 per ton . Fears over shortages and availability of the material , led to the drastic rise in prices and have already begun leading to delays in production lines and the delivery of nickel-based materials . According to the financial group Goldman Sachs , nickel stocks are estimated to show deficits of 30,000 tons .
Nickel-Based Solutions
Nickel is a valuable material to the global sealing industry . It is present in many valves and fittings , as well as most metallic and semi-metallic gaskets , such as the ones made from stainless steel or Inconel ®. The well-known SAE 304 , for
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instance , has a minimum of 8 % nickel , SAE 316 has 10 %, and Inconel ® 600 can have more than 72 % in its compositions . These components are critical in many industrial manufacturing systems .
Nickel-based sealing solutions provide the required resilience and performance
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needed by most end users . They offer long life in severe environments while meeting strict requirements , which reduces maintenance and replacement costs , as well as unplanned down-time and loss of production . These products are commonly employed to withstand high temperature , high pressure , oxidation , and corrosion . |