We’re at our chrome steel pile and quarry, not our London steel trading quarry, which might be a little different from our steel scrap yard near me, but in one way, each one a little off this week. Nickel is completely cyclic. It’s a very, very unprecedented buy and sell, and it’s making everyone question what’s going on. We are all in a conglomerate sample, as are we, our potentials and the people we promote. So a real quick premise for many who don’t know, this chunk here is 304 chrome steel. So I have an analyzer, it’s like an old-fashioned analyzer that detects the weather conditions that may be related to each piece of steel. And as you can see here, I did it quickly. I’m going to present Cary right here, breakout, that’s a fundamental breakout. Nickel 304 stainless is mostly between 8% and 10% nickel.
After that, all the opposing components that make it up, chromium, iron, just a little bit of manganese and just a little bit of molybdenum, don’t say that too fast. cary. So that’s essentially what you’d discover in a home refrigerator. Industrially, as you can see from our stack, it’s piping in a factory, almost every food factory uses chrome steel. So the issues we eat and it touches almost everyone’s life if they realize how worried they actually are. So once you see a spike in a commodity like nickel, it changes everything. And one more factor has been added to the accessibility chain mess we’ve been dealing with forever. What makes nickel completely different, totally beautiful in this case, is that this market, steel costs, and the nickel market traded in London, London Metallic Trade.
They really have a resolution, and there are many English phrases that I’ve never been familiar with, like the obvious shout that I feel blends effectively with what happens here, typically at the scrap yard near me. This may be a very outdated way, yet they are shouting buy and sell on this field. They usually have an additional technical trading factor as well, but there are a lot of big shorts coming in here, margins wanted to line up and the market really closed for eight days. We had an unprecedented rise in 2007, we’ve talked about this before in our group, in 2007 the nickel ran to about $2438.24.38. With our trash can talks these 12 months, we’re essentially seeing nickels ranging from $9 to $11 for most halves. And he’s been doing this regular climb where he’s going bigger and better, but in the previous few weeks he’s gotten really ridiculously extreme.
At one level, as much as $46 per pound, it’s all crazy and all about monetary buying and selling against certain underlying supply and demand dynamics. And that’s our problem. Our prospects continue to find out what to do. The people who buy and promote do not actually know where the market should be. The people we buy do neither. So it’s currently in a suitable sample. What they’ve done is the second day in a row the nickel opens and instantly hits down, the restraint they allow. They gave 5% off on the first day and 8% on the second day. It’s so neat that we’re now sitting around $19 per pound for a nickel. You can tell, I have to guess that, we’re going to be around $10 to $11 per year, usually some of those 12 months change over the course of the primary.
As such, there’s likely some extra room to pull back, but it also has the potential to finish at around $13 per pound, larger than where the indicator was at the start of the month. So there are countless unknowns. And we won’t know anything about where the market is until we get to the few days that are usually traded without restriction discounts. So, as a result of getting a lot of people’s attention, we needed to give you a small start on what’s going on with nickel. And even those inside the company who are thought to have extra knowledge don’t learn much about these mechanisms. We should get some consultants from London to help us with this. So we will explore a species, but in the meantime we persevere to buy and promote the steel. We use a benchmark from the last closed day on Friday the Eighth, we use that as a benchmark, and then if the market actually settles that on a past spread it gives an upside value to the expectations, but additionally gives a floor for where this could happen. be very good.
So who knows where we’re going next? It’s just, once again, that