And what does the price of Ferro Nickel in India have to do with that spatula you used last night? Actually, quite a bit. India is about to cut the import duty for Ferro Nickel by 3% for 2008. According to this Economic Times article both nickel and chromium prices are also expected to fall in 2008. The result? According to the article, a 10-15% reduction in the price of stainless steel utensils! Hee Haw! So if you were holding off on that fork purchase, you might consider a spring 2008 excursion to your local cutlery store.
Okay, so you laughed. But there is a lesson here … the price of these ferro alloys, along with nickel and chromium in India most certainly affects U.S. buyers of all types. If your company is importing stainless steel utensils, these price drops matter to you. You want to be sure your spring contracts reflect these price changes.And despite all of the recent anti-trade sentiment, the fact remains that we are all operating in a global economy. South Africa controls about two-fifths of the world’s production of chromium, but India is also a significant producer. We’ll continue to report metals price developments from around the world. Alloying elements can and will continue to have a dramatic effect on finished item cost. In the meantime, if you are considering replacing your serving ware, hold off until spring/summer.