Nickel hit the $13 mark today, which is the same mark where trading was frozen during the LME crisis last March. Nickel is a key element in stainless steel, making up a solid percentage of the metal. So you may be wondering why the price of stainless doesn’t always correlate with the price of nickel. This is because you have to take into account the other elements that are in stainless. In 304 stainless, for example, there is around 8% nickel, 18% chromium, and the rest being iron. All elements in stainless have to be going up for the price of stainless to rise, which is why the price won’t always go up when nickel rises.