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

  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday’s trading session at

    $5.65/lb

      ($12,450/tonne). Indicators at 6:10 am CST today show nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly on Tuesday and started today;s session just under the 230,200 tonne level.Nickel squeaked out a gain yesterday, but $20/tonne is not exactly what one would call a ‘rebound’. Things were looking better until U.S equity markets opened up and turned sour again. Today, base metals traders don’t appear to be waiting for any negative signal from Wall Street, which at the moment appears to be perplexed at where it wants to head for the day.  We had quite a bit to report on the coronavirus, so we moved our comments to the applicable section.  Nickel is again trading at levels not seen since July of last year. It’s long term trend since September of last year remains on the negative side.

  • Average price of LME traded cash nickel so far this month – $5.82/lb
  • LME nickel chart – here   /   Euro/US Dollar chart – here

  Reports

  • Reuters metals morning – Copper falls as spreading virus sparks pandemic fears – more
  • Reuters Daily Inside Metals – pdf here 
  • SMM Evening Comments – more
  • US Economic Indicators: ATA Truck Tonnage Index – pdf here
  • FRED Truck Tonnage – more
  • Producer Price Index – Corrugated and Solid Fiber Box – more
  • Producer Price Index – Corrugated Paperboard in Sheets and Rolls – more
Total Deaths as of Yesterday Total Infections as of Yesterday
2,700 80,239
Virus News
CDC official warns Americans it’s not a question of if coronavirus will spread, but when – more
What does it mean if coronavirus is declared a pandemic? – more No matter what you think about Iran, it is disconcerting to watch one of the leading medical officials of any country, for better wording, unwittingly spread a disease he is downplaying at the same time. It is also just a tad concerning to see the leading medical official of any country falling ill to a virus who, of all people, should know how to protect themselves from said virus. One can not help wonder if #1 if this guy can get it, no one is safe and #2 the government’s ‘truth’ and reality are not always the same. Ok the latter really isn’t a surprise, but its still a punch in the gut when reality takes on a human face. Yesterday, in China, for every new diagnosed infection, five former infected were cleared and released from their hospitals as cured. Last Tuesday, the Chinese reported 1,886 new confirmed cases – yesterday they reported 508. Statistically, it appears China is getting a handle on this virus. But now it has entered the global arena and taken the world by surprise. and when news came it had hit Italy, Europe suddenly had an unpleasant bullseye on it. Even US officials admitted openly yesterday, it was no longer if it will reach the U.S., but when.

From yesterday’s CDC news briefing – (excerpt) It would be impossible.  We’re not seeing spread here in the United States yet, but it is possible, even likely, that it may eventually happen.  Our goal continues to be slowing the introduction of the virus into the U.S.  This buys us more time to prepare our communities for more cases and possibly sustained spread.  This new virus represents a tremendous public health threat.  We don’t yet have a vaccine for this novel virus, nor do we have a medicine to treat it specifically.  – you can read the entire news briefing here

And if you are a business owner, pay special attention to this part “These materials will serve as a blueprint for the community interventions we will use here in the U.S.  if you’re watching the news, you may be hearing about schools shutting down and businesses closing in countries in Asia to reduce the potential spread of this virus.  The day may come where we need to implement such measures in the U.S. communities.” Brazil confirms the first case in Latin America. South Korea over 1000 cases. Italy over 300 cases.

  Why Stainless Steel

  • Alloyed for Lasting Value video – here
  • Self Repairing for Lasting Value video – here
  • 100 Years of Stainless Steel Video – here
  • Stainless steel: The role of nickel – here
  • The Life of Nickel – pdf here

     Tuesday’s market review – Copper drifts as investors worry about virus hitting demand – Copper prices edged into the red on Tuesday as investors struggled to calculate whether any coronavirus-related loss of metals demand would outweigh weaker output. – more

       January 2020 crude steel production – World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 154.4 million tonnes (Mt) in January 2020, a 2.1% increase compared to January 2019. – more

      Deal with locals at New Caledonia’s Vale in doubt – New Caledonia’s Vale nickel company has met representatives of the indigenous Rheebu Nuu group and local customary leaders as the company is in the process of selling its 59 percent stake. – more

      Gov’t now spending millions to promote responsible mining – Three years ago, under the leadership of former Environment Secretary Regina Paz Lopez, Mines and Geosciences Bureau (MGB) was leading the crackdown in the mining sector. Today, it is spending millions to promote it. – more

      Report: Coronavirus outbreak may delay US$11B of nickel projects in Indonesia – The coronavirus outbreak in China may delay the development of about US$11 billion worth of nickel projects in Indonesia, Reuters reported Feb. 25, citing Luhut Pandjaitan, Indonesia’s coordinating minister for maritime affairs and investment. – more

      (Graph)  Ferrochrome producers in the world – more

      Microscopic Refinement Yields Ultra-Strong Metal – You can’t see them, but most of the metals around you—coins, silverware, even the steel beams holding up buildings and overpasses—are made up of tiny metal grains. – more

     Former manager of Norilsk Nickel declared bankrupt – The Moscow Commercial Court has declared businessman and ex-manager of Norilsk Nickel, one of the largest producers of nickel platinum and copper, Maxim Finsky bankrupt, according to court records. – more

      Termites Show Miners The Way To A Low Carbon Future – The quest to replace fossil fuels is hampered by shortages of some of the minerals used for batteries and dynamos. Scientists at Australia’s CSIRO are seeking ways to make it easier to find minerals like cobalt and nickel, and are getting help from termites. – more

   Other News

  • Reuters The Day Ahead – pdf here
  • Stocks Slide, U.S. Futures Fluctuate; Gold Climbs: Markets Wrap – more
  • U.S. trade panel rejects import duties on fabricated structural steel – more

  Morning Nickel Prices

  • Yesterday’s LME official prices here 
  • Shanghai Jinchuan nickel price –  here 
  • Shanghai Futures Exchange Stainless – here
  • India MCX Nickel Price – more
  • Baltic Dry Index – chart