Stainless Steel News and London Metal Exchange Nickel Prices

    Cell phone and tablet users – smaller version of this page – (here)

Friday, May 30

• Dow Jones reports three month nickel closed Thursday’s trading session at $8.57/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.17/lb higher, with other London traded base metals trading mostly lower and quietly. Stockpiles of nickel stored in LME licensed warehouses rose for a third consecutive session and now total just shy of the 284,450 tonne level. Nickel is trading higher at the moment, but technical signals are sending mixed signals and it is possible we are seeing an early morning dead cat bounce. Or the market has found support and wants to enter June on a bullish tone. The rest of the day’s trading will tell the story. Whatever happens today, the price of nickel will end the month much higher than it started. And there is no reason to believe that will end anytime soon. Have a safe and relaxing weekend and we invite you back next week.
• Average price of cash nickel so far this month – $8.82/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Set for First Monthly Gain This Year on Supply – more
• Reuters metals morning – Copper set for biggest monthly gain since Dec as demand recovers – more

  Reports

• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 93.83
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more

    North American Stainless Press Announcement – Effective with shipments June 1, 2014, North American Stainless will increase prices for Long Products, including angle, round bar and wire rod by 5-7%. Effective with shipments June 1, 2014, North American Stainless will increase Hot Roll flat products for CMP, Discrete Plate and Pipe & Tube prices by $ .02 lb.Furthermore, North American Stainless will increase base prices for all Cold Roll 201 grades….

    New Caledonia to allow Vale’s nickel mine to restart – New Caledonian authorities will allow mining giant Vale to restart nickel mining activities as early as Friday after suspending operations at the $6 billion plant more than three weeks ago due to an effluent spill. – more

• Goro nickel project is not just Vale’s problem now: Andy Home – It’s hard not to have a grudging respect for Brazil’s Vale when it comes to the company’s Goro nickel project in New Caledonia. – more

    China’s Import & Export Results of Nickel in April 2014 – The customs statistics of China shows the import & export results of nickel-containing products in April 2014 in the table below. – more

    Price rise boosts nickel industry optimism – One of Australia’s premier nickel producers says the recent rise in price is breathing new life into the strained industry. – more

    China plans to launch nickel, tin futures this year -report – The Shanghai Futures Exchange is planning to launch China’s first nickel and tin futures this year, local media reported on Friday, as part of steps to internationalise the country’s commodity markets. – 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 reports and information free of charge. Contact us

Thursday, May 29

• Dow Jones reports three month nickel closed Wednesday’s trading session at $8.73/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.21/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel stored in LME licensed warehouses rose by over 3000 tonnes, and now total over the 283,650 tonne level. Before this month, the last time we saw a one day increase of over 3000 tonnes was last September, Now, here in May of 2014, with grave warnings of a future with supply falling short of demand echoing from all corners, we have seen stockpiles of nickel increase by over 3000 tonnes on two separate days. We are now only 3,012 tonnes shy of the all time record high, and 22,194 tonnes ahead of where we started the year with. Nickel deficit? Not yet. China Custom reports imports of nickel ore in April from Indonesia fell 90% from last April, while imports of nickel ore from the Philippines rose 40%. Overall, total nickel ore imports fell 55%. We reported yesterday the nickel market was building up tension and yesterday afternoon, that tension snapped, with the market falling sharply. That defection continues today. Another interesting note – cancelled warrants has fallen below the 40% reading for the first time since February 5th. It would appears that some are taking profits before the end of the month. Stainless buyers who an afford to wait, will now move to the sideline as this most recent wave of volatility works itself out. Some will take a chance and buy while the price is down, while others will wait to see if the price falls further. Only time will tell who played it right this time.  
• Average price of cash nickel so far this month – $8.84/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Declines From 11-Week High Before U.S. GDP Data – more
• Reuters metals morning – Nickel firm on unrest at New Caledonia mine – more
• WSJ metals morning – LME Copper, Nickel Fall as Traders Lock in Recent Profits – more

  Reports

• AIIS – Steel imports surge in April, but stumble in the first quarter – pdf here
• Nickel Magazine – Current Issue – more
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 94.24
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (SSY) The US domestic price for hot rolled band rose to a 26 month high at the end of May 2014, up $7/t from mid-May to $763/t, according to the latest World Steel Dynamics SteelBenchmarker. Meanwhile, domestic HRB prices fell in both China and the EU, down $3/t and $4/t, to $451/t and $589/t respectively. The world export price for HRB remained unchanged at the end of May, at $552/t.
• Iron Ore Tumbles to Lowest Since 2012 as Global Glut Widening – more
• South Africa’s mines minister: from hunter to strike buster – more

    Policemen shot, wounded near New Caledonia nickel mine – Two French police on the Pacific island of New Caledonia were shot and wounded on Wednesday by young Melanesians, angered by mining giant Vale’s chemical spill in a river. – more

     Global Nickel market surplus dropped over 50% over the year in March: INSG – According to International Nickel Study Group (INSG), the surplus in global nickel market dropped significantly during the month of March this year. – more

    The Nickel Supply Squeeze Is Just Getting Started – Back in January, I wrote a column explaining the supply-demand squeeze in nickel. – more

    Zimbabwe: BNC Targets Increase in Nickel Production – Bindura Nickel Corporation is targeting a 42 percent increase in nickel production within the next two years as the company intensifies efforts to restart its smelter shut down during the hyperinflation era. – more

    Eyes on China as steel needs ease – People acknowledge China’s commodities demand – fueled by a boom in the last decade – is easing. – 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 reports and information free of charge. Contact us

Wednesday, May 28

• Dow Jones reports three month nickel closed Tuesday’s trading session at $8.92/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.01/lb lower, with other London traded base metals mixed and mostly quiet. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and ended the session just over th 280,500 tonne level, and a new two month high. Nickel has done very little in the way of movement over the last three sessions, and tension is starting to build up. For the first time in what seems like a long time, the short term trend for nickel has turned neutral, while the mid and long term remain bullish. More than likely, this is a momentary setback for the metal, as even we will admit that eventually, stockpiles of nickel will start falling and the market will get jittery. But the chicken little faction has yet to present any evidence of an immediate and impending disaster, and rising stockpile numbers over the last few weeks, have silenced some of the more vocal. Both China stainless steel indexes we monitor are retreating, after both made unusually strong jumps on the 12th and 13th respectively. Goro has yet to re-open according to local media there, and Norilsk’s annual shipment stoppage due to flooding, has not been reported to have begun yet.  
• Average price of cash nickel so far this month – $8.84/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Near 11-Week High on Optimism From U.S, China – more
• Reuters metals morning – Copper up on China demand hopes; shortage fears boost nickel – more

  Reports

• Publication announcement: World Steel in Figures 2014 is available online – more
• Oryx Stainless – Nickel market – back to normal – pdf here
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 94.99
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• QCG Resources Seeks 2015 Restart for Avebury Nickel Mine – more
• (Yieh) Yieh United Steel Corp. (Yusco), the largest integrated stainless steel mill in Southeast Asia, has announced to raise the prices on its products for June.
• Miners rally in favour of separatists in eastern Ukraine – more
• Capitalism is doomed if ethics vanish, says Bank of England governor – more
• Carney and Lagarde acknowledge City’s primeval will to survive – more

    2014 World Ni Production Anticipated to Be Down for First Time in 4 Years = China’s NPI production decreases drastically due to Indonesia’s export ban on Ni ore = The latest outlook for world nickel production shows there is a strong possibility the production in the calendar year 2014 will be down from the prior year. Supposing the production decreases, it will be for the first time in 4 years. – more

    New Caledonia Vale damage tops US$34m – The damage caused by vandalism at the Vale nickel plant in New Caledonia is now estimated to be more than 34 million US dollars. – more

• Protesters attack Vale’s New Caledonia nickel mine after effluent spill – Dozens of protesters have caused tens of millions of dollars in damage to vehicles, equipment and buildings at a nickel mining site in New Caledonia, as anger boiled over at a chemical spill into a local river. – more

    US reduces anti-dumping duty on Vietnam’s steel pipe – The Vietnam Competition Authority (VCA) announced on May 27 that the US Department of Commerce (DOC) has lowered anti-dumping tax, on Vietnam’s stainless steel pressure pipes, to 16.25%. – more

    Rally in nickel spurs sales of stainless steel – Mining companies are not the only ones benefiting from this year’s nickel rally. Stainless-steel makers in Europe, who use the metal, are seeing a surge in sales as customers stock up to avoid higher raw-material surcharges. – more

    Talvivaara posts seven million euro loss – Wednesday’s first-quarter results for the beleaguered mining company show some improvement, with an operating loss of 7.1 million euros compared to 20 million a year earlier. – more

    Courtesy AISI – In the week ending May 24, 2014, domestic raw steel production was 1,875,000 net tons while the capability utilization rate was 78.0 percent. Production was 1,833,000 net tons in the week ending May 24, 2013, while the capability utilization then was 76.5 percent. The current week production represents a 2.3 percent increase from the same period in the previous year. Production for the week ending May24, 2014 is up 2.0 percent from the previous week ending May 17, 2014 when production was 1,838,000 net tons and the rate of capability utilization was 76.4 percent.

  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 reports and information free of charge. Contact us

Tuesday, May 27

• Dow Jones reports three month nickel closed Friday’s trading session at $8.91/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.03/lb higher, with other London traded base metals trading mixed. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and now total just over the 280,300 tonne level. China media is reporting stockpiles of nickel ore rose last week, from 19.21 million tonnes the prior Friday, to 19.4 million tons last Friday. LME stockpiles rose during this same week as well. Nickel has hit a line of resistance at $9.00lb, but it appears to be more psychological than technical. The shortened week is also the final week of May, putting 2/3 of the second quarter to bed. Media is giving the unrest in New Caledonia the credit for the slight bump in nickel trading, but considering Goro has been closed for awhile now due to a spill, we doubt this has much to do with trading.
• Average price of cash nickel so far this month – $8.83/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Extends Rally a Third Day on China Demand Bets – more
• Reuters metals morning – Nickel ticks higher on unrest at New Caledonia mine – more

  Reports

• US Imports of Stainless Steel Mill Products – more
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 95.83
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (SG) According to International Nickel Study Group, surplus in global nickel market was 3,600 tonnes in March compared to a surplus of 7,600 tonnes during the same period of last year.
• China steel, iron ore futures edge up despite demand concern – more
• Potanin’s ex-wife sues for attachment of his property in Cyprus court – more

    Stainless-Steel Sales Jump as Nickel Costs Spur Stockpile – Mining companies aren’t the only ones benefiting from this year’s nickel rally. Stainless-steel makers in Europe, who use the metal, are seeing a surge in sales as customers stock up to avoid higher raw-material surcharges. – more

    Protesters burn vehicles, buildings at New Caledonia nickel mine – Rioters torched vehicles, equipment and buildings at Vale’s nickel mine in the French Pacific territory of New Caledonia over the weekend, as anger boiled over about a chemical spill in a local river. – more

• New Caledonia nickel plant to resume any time from tomorrow –  The New Caledonia business organisation MEDEF says the Vale nickel processing plant, which has been closed for almost three weeks, will resume operations any time from tomorrow. – more

    LME Mo Inventory Continues to Be at Low Level of 60 Tons = Because of production curtailment and demand increase in Europe and USA = As of May 19, LME molybdenum inventory continues to be at a low level of 60 tons. – 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 reports and information free of charge. Contact us

Friday, May 23

• Dow Jones reports three month nickel closed Thursday’s trading session at $8.93/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.03/lb lower, with other London traded base metals trading higher. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday to a two month high of just over 280,400 tonnes. According to the medai, Norilsk has yet to suspend shipments due to flooding on the river its ships must use. This is a seasonal situation and we are already a week later than last years shutdown. We keep talking about this because we suspect it may be the trigger to start another bullish run. Hopefully traders have sense to know its a temporary situation but who knows what gets their attention in a bull market.  The LME market is closed on Monday for Spring Bank Holiday and we Americans are closed to pay tribute to those veterans who have paid the ultimate sacrifice. Have  safe and relaxing weekend and we will see you next Tuesday.
• Average price of cash nickel so far this month – $8.83/lb
• Average cash price of nickel last month – $6.78/lb / average last year – $8.08/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Aluminum Reaches Three-Week High on Shortage Speculation – more
• LME Morning – Copper gains on tightness, nickel rally pauses briefly – more

  Reports

• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• Oakvale Daily Market Report – more
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• Weekly Market Report – pdf here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Alpari Global Markets Daily – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Steel Daily Price Index – 96.77
• 2013 Reuters Nickel Price Forecasts – more (World Bank forecast 2013 – $8.16/lb)
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Stainless Steel Daily Scrap Prices – more
• Gerdua Steel Market Update – more
• European Debt Crisis Live – more
• Euro hits three-month low after German data surprise – more

    China’s imports adjust to reflect Indonesian ore ban: Andy Home – Indonesia’s ban on the export of unprocessed minerals has been in force for more than four months, cutting off flows of nickel ore and bauxite to China. – more

    Palmer’s net worth soars on nickel price – Clive Palmer is set to reap a windfall from the rising price of nickel, with his Yabulu mine set to rake in up to $2.8 billion annually if Macquarie Bank’s price forecasts on the metal are correct. – more

    The economic consequences of standing up to China – In the popular imagination, conflict with China promises multiple outcomes, most of them bad: dead soldiers on far-off islands, massive unemployment among overseas workers, cheap goods disappearing from stores. – more

    El Nino Hype And A Look At Commodities – Weather is presently dominant in the wheat, natural gas, corn and some other markets like cotton. – more

  Morning Nickel Inventory and 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 reports and information free of charge. Contact us

Thursday, May 22

• Dow Jones reports three month nickel closed Wednesday’s trading session at $8.80/lb . Indicators at 6:50 am CST today show 3 month nickel trading around $.08/lb higher, with other London traded base metals trading higher as well. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and now totals just over the 279,650 tonne level. So far today, nickel has not been able to trade above the 10 day moving average, but the trading day is not over. RSI and Stochastic readings have fallen into the 50’s range, while momentum readings have also slipped, but all indicators remain bullish.
• Average price of cash nickel so far this month – $8.82/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Rises as China Manufacturing Data Beats Estimates – more
• Reuters metals morning – Copper, aluminium claw higher on Chinese, European data – more
• WSJ metals morning – Base Metals Perked By Upbeat Chinese Manufacturing Data – more

  Reports

• AK Steel June Stainless Steel Surcharges – pdf here
• Allegheny June Stainless Steel Surcharges – more
• April 2014 crude steel production – pdf here
• China Nickel Imports and Exports Data April 2014 – more
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 97.58
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (Morgan Stanley – Global Metals Chartbook May 2014) – Nickel is one of the top performing commodities of the year, solely on the back of expectations of a severe supply squeeze appearing by year-end. Higher prices are here to stay.
• Colombia oil, mining industries push for leaner regulations – more
• Bright Spots Offer Hope for Indonesian Economy – more
• China’s preliminary PMI beats expectations – more

    High nickel stocks unlikely to bring rally to an end – High global stock levels of nickel, while worrying some investors, are unlikely to end a rally that started in January, because some is not available and the rest is not enough to replace lost supplies from Indonesia. – more

    New Caledonia nickel workers not paid after Monday – Vale says workers at its New Caledonia nickel processing plant, which has had its operations suspended for more than two weeks, will be paid until next Monday. – more

• Concerns over spills at New Caledonia nickel processing plant – A nickel expert says questions need to be asked about Vale’s risk management procedures, workers’ behaviour and the design of its processing plant in New Caledonia to find out why spills keep happening there. – more

    Bans and price lift help BHP to exit nickel – BHP Billiton chief executive ­Andrew Mackenzie would do well to send Indonesia’s political leadership a note of thanks for making BHP’s well-baked plans to quit its historic West Australian nickel operations (Nickel West) much easier to achieve. – 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 reports and information free of charge. Contact us

Wednesday, May 21

• Dow Jones reports three month nickel closed Tuesday’s trading session at $9.02/lb . Indicators at 6:45 am CST today show 3 month nickel trading around $.20/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel stored in LME licensed warehouses rose to a May high of just over 280,000 tonnes. Yes, that’s right. The highest total reported for the month, coming smack dab in the middle of a period when nickel shortage potentials are leading prices higher.  IN fact, that is more nickel in LME warehouses than they have seen since the 8th of April. Nickel was trading around $7.50/lb back then. Please keep in mind when you read about nickel shortages that we are currently only 6,654 tonnes shy of the all time record high set back on March 27th. Technical charts show support at $8.41/lb but we would be surprised if the price fell that low, as the trend remains bullish. For those who have the luxury – or burden – or buying nickel on a daily basis, the market is cutting you some slack and testing your resolve. For those of us who buy stainless steel down channel, we have yet to witness the price increases still yet to make its way thru the system.  
• Average price of cash nickel so far this month – $8.82/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel in London Extends Loss as Price Rally Curbs Demand – more
• Reuters metals morning – Nickel, copper fall following recent gains – more

  Reports

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 98.56
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more

    Norilsk Nickel to sell 2 enterprises in Australia – Norilsk Nickel will sell its Avalon and Cawse nickel assets currently held in care and maintenance in Western Australia to Wingstar Investments Pty Ltd. – more

    Glencore seeks exception to air standards – Mining giant Glencore is requesting an exception for the Sudbury smelter’s nickel emissions. – 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 reports and information free of charge. Contact us

Tuesday, May 20

• Dow Jones reports three month nickel closed Monday’s trading session at $9.19/lb . Indicators at 6:50 am CST today show 3 month nickel trading around $.22/lb lower, with other London traded base metals trading lower as well. Stockpiles of nickel stored in LME licensed warehouses fell for a second day and now total just under the 279,150 tonne level. Did someone same volatility? Up 10, down 10, up 5, down 3, a person will get a headache trying to follow this market too closely. Nickel’s high in this run so far has been $9.80/lb on May 13th. $9.61/lb remains major resistance, while $20,000/tonne appears to be putting up a psychological barrier. The LME also raised margins rates on nickel from $1,600 to $1,756 per tonne beginning May 23rd, which could temper the bullish exuberance somewhat. And while nickel is experiencing a directional misfire – stainless steel prices continue to increase, and based on our index and two others we monitor in that country, prices jumped at a staggering rate in China last week. For US consumers, the interesting times have only just begun.
• Average price of cash nickel so far this month – $8.80/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel Falls Amid Speculation Gains May Temper Demand – more
• Reuters metals morning –  Nickel slides 3 percent on speculators, copper dips – more

  Reports

• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 99.96
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (MP) China nickel ore imports down 59.21% in March 2014
• (MF) Taigang Stainless increases stainless list prices for May
• Glencore Xstrata says will appoint a female director by year-end – more
• El Nino Alert Remains as Australia Sees Pattern by August – more
• ‘Zimbabwe can learn from Cuba in resisting sanctions’ – more
• Tropical Pacific Ocean edges further toward El Niño – more

    Nickel continues rollercoaster ride – Nickel jumped the most since 2012 as OAO GMK Norilsk Nickel, the world’s largest producer of refined metal, said the global market will swing to a deficit next year. – more

    Uncertainty over Vale nickel plant in New Caledonia – There is continued uncertainty over when Vale’s nickel plant in New Caledonia will resume operations, leaving those employed there in limbo. – more

    Courtesy AISI – In the week ending May 17 2014, domestic raw steel production was 1,838,000 net tons while the capability utilization rate was 76.4 percent. Production was 1,833,000 net tons in the week ending May 17, 2013, while the capability utilization then was 76.5 percent. The current week production represents a 0.3 percent increase from the same period in the previous year. Production for the week ending May 17, 2014 is down 0.3 percent from the previous week ending May 10, 2014 when production was 1,843,000 net tons and the rate of capability utilization was 76.6 percent.

  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 reports and information free of charge. Contact us

Monday, May 19

• Dow Jones reports three month nickel closed Friday’s trading session at $8.63/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.34/lb higher, with other London traded base metals trading higher as well. Stockpile numbers for LME licensed warehouses is not available yet this morning, so we are unable to advise. China media is reporting laterite ore stockpiles held at Chinese ports slipped .001% last week, and fell from 19.23 million tons to 19.21 million tons during the five preceding days. Our Chinese stainless steel index is nearing the 100 point level, after opening the year at 80.23. That puts Chinese stainless steel prices about 20% higher from the first of the year, with nickel prices trading about 33% higher. Nickel has bounced back showing traders are still confident in the market and that the bulls are firmly in charge of the market. We should be getting an announcement from Norilsk in the near future that they will be shutting down shipments due to flooding on the Yenisei. This is an annual event, and has no affect on stockpiles but in a bull market, every it of news makes a difference.
• Average price of cash nickel so far this month – $8.80/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Europe Stocks Fall With Italian Bonds; Commodities Climb – more
• Reuters metals morning – Copper hits 11-week high on tight supply, China limits gains – more

  Reports

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 99.87
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (SMM) Deutsche Bank expects LME nickel prices to average around $17,050 a ton this year and $20,625 a ton next year.
• Two Chinese workers abducted at protest-plagued mine in Myanmar – more
• Chinese firms more aggressive in hunt for Australian resources – more

    Jakarta jubilant as nickel soars, China plans smelters – When Indonesia vowed to halt exports of mineral ore to wring more profit from its rich resources, many predicted the policy would be an economic own-goal. – more

    Norilsk Sees Nickel Surplus at Smallest in Four Years – OAO GMK Norilsk Nickel, the world’s largest producer of the metal, forecast the market surplus will shrink to the smallest in four years in 2014 after the Indonesian ban on ore exports. – more

    China’s Nickel Advantage Seen by KMR Removed as Europe Gains – KMR Stainless AG, a stainless steel scrap processor, will report at least a 30 percent jump in sales by tonnage this year, and 20 percent next year, according to Roland Mauss, chief financial officer of KMR in Muelheim an der Ruhr, Germany. – more

    Production Plan for Special Steel Products in Apr-Jun 2014 Is 5.094 Mil. Tons = Up by 0.8% from year-earlier period, but production of stainless steel decreases = The Ministry of Economy, Trade and Industry has recently made clear the production plan for hot-rolled special steel products in the period from April to June in 2014. – more

    Growth Continues in the U.S. in April – Growth continued in the United States for both steel and aluminum on a year-over-year basis. Canadian steel and aluminum shipments declined year over year in April. – 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 reports and information free of charge. Contact us

Friday, May 16

• Dow Jones reports three month nickel closed Thursday’s trading session at $8.45/lb . Prices ended Tuesday at $9.48/lb , and Wednesday at $8.90/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.18/lb higher with other London traded base metals trading mostly higher as well. Stockpiles of nickel stored in LME licensed warehouses rose for a second consecutive session and now total just over the 279,800 tonne level. That bis shortage of nickel that traders are banking on, isn’t quite happening yet, with stockpiles yesterday only 60 tonnes lower than they ended April at and only 6,858 tonnes lower than the all time record high set on March 27th. Of 11 sessions recording stockpile changes this month so far, six have seen increase, with five recording decreases. And look what happened to the price while we were traveling! If any of you stainless steel consumers want to send us a big check, we will take next week off and see what the price of nickel does. We are back today and the price is up again – just saying. The last two days saw a correction in the price of nickel, after hitting a level of resistance we posted on Monday. The drop was as dramatic as the rise the three days prior had been. The trading price fell from a high of $21,600/tonne on Tuesday to a low of near $18,000 tonne yesterday. We see minor resistance at $8.90/lb, but if our next bounce is equal to the last, that level won’t mean much to the market. Next week could be interesting. Have a safe and relaxing weekend.
• Average price of cash nickel so far this month – $8.81/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel Rises to Pare Biggest Weekly Drop Since February – more
• Reuters metals morning – Nickel rebounds after falls, supplies in focus – more

  Reports

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 98.90
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (BM) Macquarie Bank has lifted its 2014 nickel price forecast by 25 percent to an average of $19,911 per tonne.

    North American Stainless – Effective with shipments June 1, 2014, North American Stainless will increase prices for all Cold Roll grades in 200, 300, and 430 series. This will be achieved by reducing the discount by 2% points and will be applied to the updated North American Stainless Cold Roll price schedule.

    Thursday – Nickel Plunges Most Since 2011 as Surge Judged to Be Overdone – Nickel slumped the most since 2011 in London as investors judged a rally that lifted the metal’s price as much as 56 percent this year to be exaggerated. – more

    Asian molybdenum oxide powder market divided following overnight fall – Some sellers of molybdenum oxide powder in Asia have lowered offers Friday, following falls during European trading hours Thursday, while others kept their offers at $14.70-14.80/lb CIF, market sources said. – more

    Nickel’s Roller-Coaster Plunge Isn’t Over, Goldman Says – Nickel’s roller-coaster ride this year is far from over as the highest prices in two years prompt expanded capacity for smelting and discourage purchases by steelmakers, according to Goldman Sachs Group Inc. – more

    New Caledonia govt says receives report on Vale spill – Global miner Vale late on Thursday submitted a report on an effluent spill at its nickel operations in New Caledonia to the local government, a government official said. – more

    Japan’s Sumitomo Metal sees rising risk of ferronickel output cut – Sumitomo Metal Mining Co Ltd , Japan’s biggest nickel smelter, said there was an increasing risk it could cut production of key stainless steel ingredient ferronickel, amid growing concerns about ore shortages. – more

    What Do Surging Nickel Prices Mean for Vale and BHP Billiton? – Nickel prices, which were under tremendous pressure last year due to oversupply of the metal amid tepid industrial demand, vaulted above $20,000 per ton at LME in the preceding week after the Brazilian mining giant, Vale (NYSE: VALE ) decided to suspend nickel production activities at one of its facilities. – 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 reports and information free of charge. Contact us

Tuesday, May 13

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)

• Dow Jones reports three month nickel closed Monday’s trading session at $9.61/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.04/lb higher, with other London traded base metals trading mostly lower. Stockpiles of nickel stored in LME licensed warehouses rose for a third consecutive day and total just shy of the 279,000 tonne level. It appeared nickel might have actually met a line of resistance that could potentially live up to its name, but nickel has recently gone green and is on the rise again. Stainless steel prices are rising rapidly now, and panic is starting to creep into areas of the stainless steel market again. Old timers have seen this kind of nonsense before and buying now shifts from offensive to aggressive defense. Every day inventory becomes more valuable, and it costs much more to fill holes. No one risks talking in long terms these days when it comes to contracts. But daily business must go on. Protect yourself, protect your customer, and ride the storm.
• Average price of cash nickel so far this month – $8.66/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Trades Below Two-Month High as China Factories Slow Down – more
• Reuters metals morning – Nickel falls from 27-month peak; copper down on China data – more

  Reports

• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 91.49
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (NFIB) The NFIB Index of Small Business Optimism jumped 1.8 points from last month to 95.2. This is the first time the Index has reached 95 since October 2007.

     New report reveals scale of LME’s warehouse challenge : Andy Home – The London Metal Exchange (LME) has just released the first of its promised new reports, detailing registered stocks by warehouse operator and the length of load-out queues at affected locations. – more

    How high can nickel soar? – Nickel surged to US$20,900 a tonne on the London Metals Exchange, a price not seen in 27 months. – more

    Japan’s Pacific Metals says has secured enough nickel ore for this yr – Pacific Metals Co Ltd, Japan’s biggest ferronickel maker, said it had secured enough supplies of nickel ore for this financial year, amid surging nickel prices as supply concerns grip the market – more

     Official’s statement buoys Xstrata Nickel’s Dominican Republic mine plan – The assertion by the Minister of Energy and Mines that high altitude agriculture and firewood and charcoal trafficking, the use of pesticides and other chemicals in farms, and the extraction of construction aggregates from rivers threaten Dominican Republic’s environment more than mining could boost several mining projects, especially Xstrata Nickel Falcondo’s at Loma Miranda. – more

    Import of SUS Products in March 2014 Is 22,793 Tons = Up by 14% from prior month, and all-time high level since July 2007 = The import volume of stainless steel products in March 2014 which was compiled by the Japan Iron and Steel Federation based on the trade statistics prepared by the Ministry of Finance was 22,793 tons, up by 14.2% from 19,951 tons of the prior month, which is an all-time high level since July 2007. – more

    Chinese Steel Exports Likely to Hit 70 Million Tonnes This Year – The Chinese Customs report says that the total steel export in March was nearly 6.76 million tonnes. – more

    Courtesy AISI – In the week ending May 10, 2014, domestic raw steel production was 1,843,000 net tons while the capability utilization rate was 76.6 percent. Production was 1,833,000 net tons in the week ending May 10, 2013, while the capability utilization then was 76.5 percent. The current week production represents a 0.5 percent increase from the same period in the previous year. Production for the week ending May 10, 2014 is up 1.5 percent from the previous week ending May 3, 2014 when production was 1,815,000 net tons and the rate of capability utilization was 75.5 percent.

  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 reports and information free of charge. Contact us

Monday, May 12

• Dow Jones reports three month nickel closed Friday’s trading session at $9.16/lb . Indicators at 6:40 am CST today show 3 month nickel trading around $.42/lb higher, with other London traded base metals trading higher, although much quieter. Stockpiles of nickel stored in LME approved warehouses rose for a second session on Friday and ended the week with just under the 278,800 tonne level. According to Chinese media, stockpiles of nickel ore stocked at Chinese ports saw a slight decline last week, with totals slipping from 19.3 million tons to 19.23 million tons from May 4th.  The euphoria from last weeks trading  has carried over the weekend and Friday’s close above the $9/lb level for the first time since February 2012, seems to have set no barrier. If we thought the $20,000 tonne level might put up a psychological barrier, we were wrong. Even the $9.27/lb line of technical resistance seems to be a joke and we hesitantly put $9.63/lb as a major line of resistance. In other words, we have no clue where this is going. There is no shortage of nickel, and there will be no shortage of nickel anytime soon. So we are witnessing a market feeding on itself and momentum run amuck. We can complain about it, but stand out of the way, because nothing appears to be slowing dow this bull.
• Average price of cash nickel so far this month – $8.53/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel in London Rises to Two-Year High on Supply Concern – more
• Reuters metals morning – Nickel jumps nearly 5 pct, copper hits 2-month top – more

  Reports

• Damstahl Stainless Steel Report – May 2014 – pdf here
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index –
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (MB) Nickel prices will peak above $30,000 per tonne in 2015, on increasingly strong fundamentals, Citi analysts said this week.
• Chinese investment flows in to Russia while western funds flow out – more
• Iron Ore Trade at Risk as Port Hedland Walkouts Approved – more
• Eskom faces supply crisis this winter – more

     Nickel’s bull run picks up momentum – Nickel’s bull run has just gone into overdrive. On the London Metal Exchange (LME) three-month metal has gained almost $1,900 per tonne in the space of a couple of days, on Friday hitting a 26-month high of $20,500. – more

    Nine Nickel Smelters Seen in Indonesia This Yr After Ban – Indonesia forecasts that nine nickel-processing plants may be completed this year after the largest mined producer banned raw ore exports in January, spurring a rally in refined prices to the highest level since 2012. – more

    Jinchuan May Have to Compete with BHP to Secure Nickel – Jinchuan Group Co., China’s largest refined nickel producer, may have to compete with BHP Billiton Ltd. for supply from Western Area Ltd.’s operations, the Australian producer said.  – more

    New Discovery in Philippines: a Plant That Thrives on Nickel – Researchers have found a new species of plant is able to tolerate over 18,000 ppm of nickel without suffering metallic poisoning. In comparison to other plants, which have already been discovered to tolerate nickel in doses between 18 and 36 ppm, this new discovery is mind-boggling. – 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 reports and information free of charge. Contact us

Friday, May 9

• Dow Jones reports three month nickel closed Thursday’s trading session at $8.82/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.31/lb higher, with other London traded base metals trading lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Thursday and now total just under the 278,150 tonne level. We will throw $9.27/lb out as a line of technical resistance, but the $20,000/tonne psychological barrier didn’t seem t slow the market down today. RSI and Stochastic readings are not putting up any barriers to traders yet, only slightly into over bought territory. The market is back into an exuberant mood again, and trying to explain exuberance is impossible. We will let the professional analysts give the explanations. If worldwide stockpiles were much lower we would be concerned. If there wasn’t more nickel today in LME warehouses than there was just two weeks ago, we might be concerned. If stockpiles of nickel ore in China had not risen last week, we might be concerned. Goro? This is the fifth spill in the last five years. Norilsk and Ukraine? Norilsk is getting ready to shut down shipments for a month, like they do every year, because of flooding, regardless of what may or may not be happening in Ukraine. Oh well – like we said – we can’t explain it. Have a safe and relaxing weekend!.
• Average price of cash nickel so far this month – $8.41/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel Set for Biggest Weekly Gain Since 2010 on Supply Concern – more
• Reuters metals morning – Nickel jumps to highest since Feb 2012 on supply concerns –  more

  Reports

• The February 2014 Casteel Reporter – pdf here
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 89.27
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• ArcelorMittal lowers forecast for global steel demand – more

    New Caledonia says to take legal action over Vale nickel spill – New Caledonia’s southern provincial government said on Friday it was starting legal proceedings against Vale over environmental damaged caused by an effluent spill at the miner’s nickel operations. – more

• Vale New Caledonia explains spill – Vale in New Caledonia says the discharge of solution from its Goro nickel processing plant has stopped after 100,000 litres of effluent, containing some acid, ended up in a creek. – more
• Vale NC must improve processes – environmentalists – WWF in New Caledonia is urging the nickel company Vale to improve its risk management procedures following its fifth spill in five years this week. – more

    Anglo May Sell Brazil Nickel Unit to Vale, Deutsche Bank Says – Anglo American Plc, which is reviewing assets globally as it tries to return to profit, may offer its Brazilian nickel unit to the nation’s largest miner Vale SA as metal prices increase, Deutsche Bank AG said. – more

    Putin Said to Seek Chinese Investment With Bars on Mining – Russian President Vladimir Putin plans to open the door to Chinese money as U.S. and European sanctions over Ukraine threaten to tip the economy into recession, according to two senior government officials. – 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 reports and information free of charge. Contact us

Thursday, May 8

• Dow Jones reports three month nickel closed Wednesday’s trading session at $8.48/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.33/lb higher, with other London traded base metals trading lower. Stockpiles of nickel stockpiles in LME licensed warehouses fell on Wednesday and now total just over the 277,950 tonnes. Apparently our dismay yesterday, that the market was not reacting to the Goro incident, was premature. It appears the readers of this blog were some of the first to hear about the incident and its big news on the pay metals sites this morning. Speaking of pay metal sites, we noticed one of the newer metal analysts out there announced yesterday, in a free teaser, that if nickel rose above $8.39/lb, a bull market would be ‘confirmed’, and buyers of stainless steel should hedge long term needs. Not sure if it was last month, or maybe as early as March, when we made a similar recommendation to our readers. Back to Goro, the news of a shutdown due to an acid spill has finally triggered the bulls into another stampede. We are seeing reports this morning that this spill may have been caused by human error, and if true, and based on a history of numerous ‘accidents’ in its very short life to date, someone at Vale needs to pay some professional risk managers to analyze their set up and start putting in some back up safety measures. In the mean time, technical resistance has been shattered and nickel is off like a rocket once again.    
• Average price of cash nickel so far this month – $8.31/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel at Two-Year High as Vale Suspension Fuels Supply Concern – more
• Reuters metals morning – LME nickel soars to two-year peak on Goro mine halt, shortages – more

  Reports

• U.S. Exports of Stainless Steel Mill Products – more
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 88.60
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (FAN) Finland based stainless producer Outokumpu announced that its stainless steel shipments totaled 670,000 tonnes in the Q1 of this year, falling by 2.2% YoY from 691,000 tonnes.

    Vale New Caledonia explains spill – Vale in New Caledonia says the discharge of solution from its Goro nickel processing plant has stopped after 100,000 litres of effluent, containing some acid, ended up in a creek. – more

• New Caledonia spill due to human error – The Association for the Protection of Nature in New Caledonia believes the spill at Vale’s nickel processing plant yesterday was a result of human error. – more
• Angry community members block New Caledonian nickel plant after another toxic spill – There’s been another serious spill of toxic waste at the Vale nickel processing plant in New Caledonia. – more

    China, Japan scramble for nickel after Indonesian ban – Nickel buyers in China and Japan are scrambling to secure supplies as soaring prices and a fear of shortages boosts demand for both refined metal and long-term ore contracts. – more

    Stainless steel firm Aperam sees further boost after early year pick-up – Luxembourg-based stainless steel firm Aperam forecast a further improvement in core profit after surpassing expectations in the first three months of 2014. – more

    Rising nickel prices help Sherritt end proxy battle – Aided by the promise of rising nickel prices, the besieged management of Sherritt International Corp. emerged victorious from a proxy battle started by activist investor Clarke Inc. – 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 reports and information free of charge. Contact us

Wednesday, May 7

• Dow Jones reports three month nickel closed Tuesday’s trading session at $8.42/lb . Indicators at 6:50 am CST today show 3 month nickel trading around $.02/lb higher, with other London traded base metals trading lower. Stockpiles of nickel stored in LME licensed warehouses fell sharply on Tuesday and now total just under 278,450 tonnes. Yesterday we said that last weeks trading peak of $8.46/lb was a new line of resistance, and the market so far today, is showing that line may be stronger than we thought. An exuberant bullish market takes every little news bite and turns it into a reason to drive the market higher. The news is feeding the market bullish news this morning, but the market is not biting. This could be a sign the short term exuberance has fizzled for now and the sideways direction of the last few weeks could signal the bull is taking a break, but the bear is no where to be found. Of course this is all speculation and the next hour could see the market shift back into hyper drive. The news that Vale’s Goro plant in New Caledonia has been ordered to be shut down for an investigation into a possible spill, with news that First Nickels’ mine in Sudbury is closed for an investigation into the death of two workers, following a possible seismic event. The El Nino alert issued yesterday by Australia could mean water shortages for Indonesia, which could mean future power generation problems for nickel mines there. And Ukraine is one event away from a civil war and/or Russian intervention, which would mean further economic sanctions, and these could include Norilsk Nickel exports.   
• Average price of cash nickel so far this month – $8.27/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• WSJ metals morning – Nickel Rises Again as Supply Situation Provokes Forecast Review – more
• Reuters metals morning – Nickel prices near 15-month high on supply concerns – more

  Reports

• Supply Management Commodity prices from the April 2014 issue – pdf here
• Sucden Quarterly Metals Report – pdf here
• SMC Global Monthly Report on Base Metals – more
• US Imports of Stainless Steel Mill Products – more
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 88.16
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• Steel Rebar Falls to Record Low in Shanghai as Output Surges – more
• U.S. Fastener Imports & Exports both Jump in March – more

    First Nickel says two workers dead at Sudbury mine – Two workers at First Nickel Inc’s Lockerby Mine have died in an accident underground at the Sudbury, Ontario operation, the company said on Tuesday, bringing the total to six of those killed in area mines in the past three years. – more

    New Caledonia nickel plant suspended – The president of New Caledonia’s Southern Province Cynthia Ligeard has ordered immediate suspension of operations at the Vale nickel processing plant at Goro following a reported serious incident. – more

    Clive Palmer’s Yabulu nickel refinery dam overflow has not harmed environment, tests show – Wastewater that overflowed from Clive Palmer’s Yabulu nickel refinery during a cyclone has not caused any environmental harm, Queensland’s Environment Department says. – more

    China says steel output has plateaued, as iron ore output grows – China’s steel output has plateaued as tougher environmental measures have curbed capacity expansion with mills also pressured by tighter credit, China’s steel association said, despite rapid expansion by iron ore miners. – 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 reports and information free of charge. Contact us

Tuesday, May 6

• Dow Jones reports three month nickel closed Friday’s trading session at $8.29/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.11/lb higher, with other London traded base metals trading mixed and much quieter. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Friday and ended the week just over the 279,500 tonne level. Last weeks trading peak of $8.46/lb is now minor resistance, and nickel looks to challenge that early. Once again, analysts are blaming the situation in Ukraine for the rise in nickel prices, and once again we question when fundamentals began to matter to trading houses again. And in reality, its not any shortage of nickel that is driving the price of nickel higher, it is the perception of that possibility and the rush of new money taking advantage of a stand out money maker in the market right now, that is helping the bull market feed on itself. For stainless steel producers and stainless steel consumers, the outlook is defined in two words – higher prices. RSI and Stochastic numbers are now out of overbought territory, while momentum has slipped.
• Average price of cash nickel so far this month – $8.23/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• WSJ metals morning – Nickel Prices Push Higher as Supply Concerns Strengthen – more
• Reuters metals morning – Nickel bounces on supply worries, stainless steel market – more

  Reports

• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 87.66
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (Reuters Inside Commodities) A Reuters poll in April showed analysts expect the nickel market to go from a 42,000 tonne surplus this year to a 60,050 tonne deficit in 2015.
• Nickel Asia gets 1Q boost from one-time gain – more
• (SMM) Guangqing Nickel Industry Co. started construction of its 600,000-tpy ferronickel project in Indonesia, Hexun.com reported May 2.
• Tropical Pacific continues to warm; El Niño likely in 2014 – more
• El Nino Alert Signals Drought, Flood Risk for World’s Farmers – more

    Nickel to Rally 20% Further Amid Indonesia Ban: Survey – Nickel is poised to rally a further 20 percent this year as Indonesia’s ban on exports of ore push the market toward a global shortage and unrest increases in Ukraine, a survey of analysts and traders shows. – more

    Why Ukraine Crisis Could Drive Nickel To $25,000/Tonne – Nickel has enjoyed a solid price spurt in recent months, fuelled by fears over heavy supply disruptions after Indonesia — home to around a fifth of total nickel production — placed an export ban on nickel ore back in January. – more

    CMST Says Consortiums Stockpile Nickel in China – An official from China Material Storage and Transportation Co. (CMST) which runs the country’s largest warehouse for nickel said that consortiums are stockpiling the metal, National Business Daily reported today. – more

    Govt to start work on KEK – Infrastructure development to support the Palu Special Economic Zone (KEK) will commence later this year, Central Sulawesi Governor Longki Djonggala has said. – more

    China’s Jiuquan Steel cuts May ferrochrome purchase price by Yuan 100/mt: sources – China’s Jiuquan Iron & Steel has cut its high carbon ferrochrome purchase price by Yuan 100/mt ($16/mt) on the month to Yuan 6,500/mt (80 cents/lb), including 17% VAT, for May deliveries, industry sources said Monday. – more

    RI growth disappointing – Indonesia’s gross domestic product (GDP) growth, which slowed sharply to 5.2 percent year-on-year (yoy) in the first quarter of 2014 from 5.7 percent in the fourth quarter of last year, was well below general expectations of 5.6 percent and also the weakest since the 4.3 percent growth experienced in the third quarter of 2009, an expert said. – more

    Nickel mining company may mine Oregon creek that feeds scenic California river – Residents of Del Norte County in the upper reaches of California fear what may happen if a company based in London follows through with plans to mine nickel along the Smith River tributaries. – more

    New Protected Area Is World’s Largest – New Caledonia is a small island in the Pacific Ocean with a population that’s a tiny fraction of New York City’s, but the country just created the world’s largest natural protected area. – more

    Courtesy AISI – In the week ending May 3, 2014, domestic raw steel production was 1,815,000 net tons while the capability utilization rate was 75.5 percent. Production was 1,835,000 net tons in the week ending May 3, 2013,while the capability utilization then was 76.6 percent. The current week production represents a 1.1 percent decrease from the same period in the previous year. Production for the week ending May 3, 2014 is down 1.1 percent from the previous week ending April 26, 2014 when production was 1,835,000 net tons and the rate of capability utilization was 76.3 percent.

  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 reports and information free of charge. Contact us

Monday, May 5

• Dow Jones reports three month nickel closed Friday’s trading session at $8.29/lb .  The LME exchange is closed for Early May Bank Holiday. China is reporting stockpiles of nickel ore held at major ports rose last week, ending the week at 19.3 million tons compared to 19.29 million tons of April 25th. China had a short week last week, but rising stockpiles is a little hard to understand with the Indonesia nickel ore ban leading many to forecast a forthcoming nickel shortage which is driving prices higher. The increasing tension in Ukraine, and the possibility of further sanctions against Russia, including the possibility of a ban against Norilsk Nickel, will weight on the market this week, While we doubt the possibility of any such sanction would have much of a negative effect on the market, it is the perception on an otherwise bullish market, that is worth watching. Two out of three Chinese metals analysts polled predict the price of nickel will fall this week. By Friday, we will know if they were right.
• Average price of cash nickel so far this month – $8.23/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning –
• Reuters metals morning – Shanghai copper edges up to near two-month top after holiday – more

  Reports

• Dacapo Stainless – Appearing dawn in the stainless steel market – more
• ScotiaBank Global Forecast Update – pdf here
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 87.32
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (MF) China’s stainless steel production rises by 15% in Q1
• Sucden – Responding to supply uncertainties from Indonesia where the export ban has been in place for 3 months and from Russia due to current geopolitical tensions. Otherwise, the fundamental picture does not support prices higher than its current levels. The range is expected to be $15,500 to $18,000.
• China factory sector still losing momentum, HSBC PMI shows – more

    NAS Press release – For the month of May 2014, North American Stainless will maintain the fuel surcharge at 34% for stainless flat and long products. The surcharge rate is considered a maximum level for May and will be reviewed monthly.

    Global Crude Stainless Steel output hits new record high in 2013; MEPS sees to grow further in 2014 – Worldwide total crude stainless steel output in 2013 reached an all-time high figure of 38.13 million tons. – more

    Edward Meir/INTL FCStone May 2014 Report – BASE – The following is an excerpt from monthly market overview for May 2014, written by Edward Meir, Indepent Commodity Consultant with INTL FCStone Inc. – more

    Few alarm bells over ore export ban fears – Three months after the introduction of a ban on raw mineral exports, officials have shrugged off concerns over the negative impact the policy may have on future overseas demand and on hurdles in the government’s attempts to create value-adding downstream industry. – more

    China’s crude steel output up 2.4% in Q1 – China, the world’s largest steel producer, saw its crude steel output increase 2.4% year on year to 202.7 million tons in the first quarter of this year, according to the latest statistics released by the National Development and Reform Commission. – 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 reports and information free of charge. Contact us

Friday, May 2

• Dow Jones reports three month nickel closed Thursday’s trading session at $8.31/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.04/lb lower with other London traded base metals trading mostly lower as well.  We reported stockpiles figures erroneously yesterday due to the May Day shutdown. Stockpiles grew on Wednesday by over 3000 tonnes, and yesterday fell by nearly 350 tonnes, to close Thursday just over the 279,500 tonne level. Nickel continues to trade above the $18,000 tonne level, but momentum has shifted into neutral. Have a safe and relaxing weekend.
• Average price of cash nickel so far this month – $8.20/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Copper Heads for Biggest Weekly Drop Since March on China – more
• Reuters metals morning – Copper eyes biggest weekly fall in seven as U.S. tapers – more

  Reports

• Sucden Financial Quarterly Metals Report April – pdf here
• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 87.02
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• Commerzbank Commodities Radar – In our opinion, there is increasing potential for price correction, with the cost of nickel likely to fall back below USD 15,000 per metric ton in the medium term.
• Introduction to ore_forming_processes_notes – more

    Vale’s profits continue slump as prices remain unfavorable – Nickel miner Vale Indonesia saw its profits slump significantly in the first three months of this year compared to the same period last year, as the commodity’s prices continued to drop. – more

    Stainless Crude Steel Production by Major SUS Mills in Mar. 286,011 Tons = Production is up by 10.7% from prior month and up from prior month on the whole = The stainless crude steel production by 7 major stainless steel mills in March 2014 was 286,011 tons, up by 10.7% from 258,434 tons of the prior month. – more

    Nickel rally aids Sherritt in activist fight – Nickel and energy producer Sherritt International Corp. (S.TO 4.68 0.00 0.00%) is poised to fend off an attack by activist shareholder George Armoyan, helped by the soaring price of the industrial metal. – more

    Ramu Nico Mine remain silent over ‘unknown gas’ leak at Basamuk – A prominent landowner from Basamuk, Terry Kuning has been seeking avenues to publicize what appears to be a threatening pollution issue from the nearby refinery site owned by Ramu Nico in Madang Province. – more

    Sudbury-area MP’s comments perplex mining leader – The president of the Canadian Mining Association says he’s perplexed by comments made by Claude Gravelle earlier this week, likening them to something you’d hear in the 1970s.? – 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 reports and information free of charge. Contact us

Thursday, May 1

• Dow Jones reports three month nickel closed Wednesday’s trading session at $8.31/lb . Indicators at 7:00 am CST today show 3 month nickel trading around $.07/lb lower, with other London traded base metals trading mostly lower as well. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and ended the month of March just under the 276,850 tonnes level. Nickel continues to trade around the $18,000/tonne level, with a weaker Dollar putting pressure on the traded price. Much of the world is closed today for May Day celebrations. Lot of reports due out of the US today, but yesterday’s dismal first quarter GDP reading of 0.1%, took most analysts by surprise. The depressing news was quickly blamed on the harsh weather, and the US Federal Reserve, in an attempt to show its confidence in the economic recovery, or an attempt to alleviate any renewed concerns, announced another cut in its monthly quantitative easing program.  The price of nickel rose over $1/lb in April, after gaining another $.50/lb in March. Momentum has sputtered over the past week. What will May bring? Keep in mind, Norilsk always announces it has to cease shipments from Dudinka due to spring flooding on the Yenisei River. While typically not that important, the news may be welcomed by the market as further evidence of stock restrictions.  
• Average price of cash nickel so far this month – $7.88/lb
• Average price of LME traded nickel in 2013 – $6.80/lb / avg 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Bloomberg metals morning – Nickel in London Drops as Rally to 14-Month High Seen Excessive – more
• Reuters metals morning – Aluminium, copper drop on China PMI, Fed tapering – more

  Reports

• Reuters Metals Insider – pdf here
• Commodities Daily – here
• Commonwealth Daily Alert – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here
• DNB Metals Weekly – pdf here
• Mico Metals Weekly – pdf here  
• Hedge Equities Commodity Report – pdf here
• MacNicol Morning Notes – pdf here
• Mangal Commodities Metals & Energy – pdf here
• Danske Weekly Focus – pdf here

  Commodity/Economic Comments

• China E-Stainless Daily Price Index – 87.02
• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• 100 Years of Stainless Steel – more
• (MF) Taiwan’s Yusco raises stainless steel prices for May
• (SSY) According to the latest World Steel Dynamics Steelbenchmarker, the world export price for hot rolled band rose slightly in the second half of April 2014, up $2/t in the last two weeks to $553/t. Chinese and EU HRB prices declined slightly over the same period, down $4/t and $2/t, to $455/t and $593/t respectively.
• Universal Stainless Posts Improved First Quarter 2014 Results – more
• China’s war on pollution and its impact on commodities – more
• China’s manufacturing growth rises in April – more
• Sherritt International’s CEO Discusses Q1 2014 Results – Earnings Call Transcript – more

    New Global Crude Stainless Steel records in 2013 and 2014  – Worldwide total crude stainless steel output in 2013 reached an all-time high figure of 38.13 million tonnes. – more

    Vale CEO sees nickel prices strengthening – Brazilian mining giant Vale believes nickel prices could strengthen following Indonesia’s ban on ore exports. – more

    Platts China Steel Sentiment Index Indicates Slowed Demand Growth For May – Monthly Index Totaled 50.34, down 21.80 Points From April’s Reading of 72.14 – more

    Nickel bolsters Vale’s bottom line – Brazilian miner Vale SA said on Wednesday that first-quarter profit fell by nearly a fifth, a result in line with expectations, after the price of iron ore, its main product, fell sharply. – more

    China to seek other sources of nickel ore after Indon export ban – China is likely to seek other sources of supply for nickel and bauxite ore after Indonesia banned the export of unprocessed ore early this year. – more

    Metals M&A at Lowest Level Since 2008 – Merger and acquisition activity in the global metals sector slowed significantly in the first quarter, falling to its lowest levels since 2008, according to the consulting firm PwC U.S. – more

     Enigmatic former Xstrata boss seeks to build another mining giant – Davis’ mining venture has raised $3.75bn for new assets, insiders say he feels keen rivalry with Glasenberg. – more

    China to overtake U.S. as world’s largest economy this year – The U.S. — the world’s largest economy since the 1880s — is on the verge of losing its status as the world’s largest economy, and is likely to slip behind China this year, says the International Comparison Program, part of the World Bank. – 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 reports and information free of charge. Contact us

 April Archives

Translate this page to French | German | Spanish | Italian | Portuguese | Chinese | Japanese | Korean | Russian

“A Guide To LME Trading”…pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated daily before 8 am CST weekdays – Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Note – For real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.