Most Nickel-bearing alloys of Stainless Steel e.g. 304 and 316 have a formula-pricing tie to Nickel. In North America, actual price changes are delayed by one month, as explained below.
On July 1st, the average price of spot Nickel in June was calculated to be $19,389 per metric ton ($8.795 per pound). The May average price was $22,008 per ton ($9.983 per pound). June was, therefore, 11.9% lower than May.
As a result, formula prices for most Stainless Steels will be lower beginning August 1st. The actual amount depends on the amount of Nickel in the alloy (e.g. 316 has more Nickel than 304).