The main feature of 300 series stainless steel (represented by 304) that we use more in engineering practice is that it contains more than 8% nickel. The addition of nickel greatly improves the plasticity, toughness and weldability of stainless steel, especially the corrosion resistance.
Nickel metal has a high value, which is used to make coins and directly affects the properties of stainless steel. Relatively speaking, the value of other elements in stainless steel is low. It can be said that the price of a nickel-containing stainless steel is basically determined by the nickel content. Therefore, the price of nickel is directly related to the price of stainless steel.
Coupled with the uneven distribution of nickel resources in the world, it is inevitable that the international nickel price will fluctuate accordingly.