Metal Prices

While stainless is primarily made of chromium, nickel is less abundant and far more volatile in price. Generally speaking, history has shown the pricing of stainless closely follows the cost of nickel. This is due in part to the fact that while nickel may make up a small percentage of stainless in mass (8% in 304), it contributes upwards of 60% of the cost. With the United States currently not mining any nickel or ferrochrome, and the U.S. Defense Logistical Agency selling off its stategic stockpile of nickel in 1999, the United States is now 100% dependent on foreign imports and scrap for these two key ingredients of stainless steel.(http://www.estainlesssteel.com/nickel.shtml)