Stainless Steel Market News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)

  • Nickel closed Friday’s trading session at $5.45/lb . Indicators at 6:15 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and rose on Friday and ended the month of May just over the 158,900 tonne level. For the month, the average daily decline in LME stockpile numbers totalled 698.24 tonnes. This is up from April’s average of 470.4 tonnes and barely beat March’s average of 683.71 tonnes per day.  Nickel is trading back under the $12,000/tonne level this morning, after cash nickel averaged $2 tonne under that level in May. Nickel starts the month of June where it spend most of spring – in bearish territory. Our hope is it’s a bullish week – and month – for you.
  • Average price of cash nickel so far this month – $11,998/tonne (average for May)
  • Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

  • Reuters metals morning – none posted
  • Reuters Daily Inside Metals – pdf here
  • SMM Evening Comments – more
  • World Steel in Figures 2019 now available – more

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price – more
  • Scotiabank Reports – more
  • Baltic Dry Index – (chart)
  • Stainless steel: The role of nickel – here
  • Alloyed for Lasting Value video – here
  • Self Repairing for Lasting Value video – here
  • Gold to dominate PH’s mining sector – more
  • (SO) NDRC: China’s crude steel output up 10.1% in January-April
  • Fears Rise China Could Choke off Supply of Rare Earths in Trade War – more
  • Wall Street Warns of Mounting Recession Risk From Trade War – more
  • China’s steel, raw materials weaken as demand outlook dims – more
  • Stocks Slip, Treasuries Rally on Trade-War Angst: Markets Wrap – more

     Friday’s market review – Copper set for steepest monthly fall in 3-1/2 yrs amid demand worries – London copper eased on Friday and was on track for a third straight and biggest monthly fall in three-and-a-half years as global trade tensions raised concerns on weaker demand. – more

      A Perfect Storm Is Brewing For Nickel – Years of underinvestment, long lead times for mine development and a coming surge of electric vehicle demand are all bullish factors for nickel, said Michael Beck, managing director at Regent Advisors. – more

      Iron ore sticks to fundamentals as other commodities dance to noise: Russell – While geopolitical concerns have been the prime driver for most commodity markets recently, iron ore has been a standout, trading largely on traditional fundamentals. – more

      Losses drive stainless steel mills into maintenance in Jun – A stainless steel producer in China’s south-western province of Guangxi began annual maintenance on its steel and hot-rolled coil capacity as its revenues fell below costs in a falling market, a source told SMM on Monday June 3. – more

      Press Release – For the month of June 2019, North American Stainless will maintain the fuel surcharge of 26% for stainless flat and long products. The surcharge rate is considered a maximum level for June and will be reviewed monthly. – source

      Excess Production Capacity Undermines Stainless Steel Prices – Stainless steel prices continue to show few signs of recovery. Selling values, in Europe, have been below producers’ breakeven levels since a collapse in transaction figures, and the widespread adoption of effective pricing, in the summer of 2018. – more

      Chrome ore exports contribute to stainless steel production – The export of chrome ores from South Africa for use in the ferrochrome smelter of Chinese stainless steel group Tsingshan’s stainless steel plant has contributed to global growth in chrome ore supply. – more

     Elections and Weather Push Axiom’s Island Mining Down – During Q1 of 2019, Axiom Mining was faced with the twin threats of staffing and transportation shortfalls—caused respectively by heavy rainfall and a general election in the Solomon Islands. – more

      RNC poised to advance Quebec nickel project – RNC Minerals Corp., aka Royal Nickel Corp., and joint venture partner Waterton are ready to accelerate discussions with potential participants to advance the Dumont nickel/cobalt project in Quebec towards construction. – more

      Acerinox Not Really At ‘Can’t Miss’ Levels – To whatever extent I’m grudgingly interested in steel stocks today, it’s because some of the valuations appear to be pricing in bleak near-to-medium-term scenarios that don’t seem to fit with what is actually going on in the world (and that’s from someone who is pretty bearish relative to consensus). – more

  Morning Nickel Price Statistics & Figures

  • Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
  • Shanghai Jinchuan nickel price – available here or here (updated)
  • India MCX Nickel Price – more  more
  • 100 Years of Stainless Steel Video – online here
  • Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us