Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$10.11/lb
($22,280/tonne). Indicators at 6:00 am CST today show nickel trading around $.06/lb 
higher. Stockpiles of nickel stored in LME approved warehouses went unchanged for a second consecutive session and remains just over the 52,900 tonne level. Nickel went unchanged yesterday, but is higher this morning on a stronger Euro. We updated the US surcharges for November (here) and for resellers and end users, they are at the lowest they have been so far this year. After a drought of news, we have a bunch today, including stainless steel production and pricing trends, so we leave you with it. Stay safe out there and enjoy your hump day! - Average price of LME traded cash nickel so far this month – $9.93/lb
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Reports
Tuesday’s market review – Copper retreats on projected demand slowdown – Copper prices slipped on Tuesday as the market focused on slowing growth and demand around the world, though some price support was provided by low stock levels in warehouses registered with the London Metal Exchange (LME). – more
LME partner Metalshub targets lower-content nickel trading – The global metals sector needs viable spot trading to underpin burgeoning output of lower-content nickel products, but industry participation is key, said the head of German online platform Metalshub, which has linked up with the London Metal Exchange. – more
China’s stainless steel production increase in Oct less than expected – Due to the recent port strike in South Africa, which seriously affected the operation of many major South African ports, the bulk transportation of South Africa’s main export products such as iron ore, coal, chromium, manganese, and agricultural products was threatened. – more
- SunSirs: On October 25, the Spot Price of Stainless Steel Was Mainly Stable with Slight Adjustment – more
LMEWEEK-Aurubis urges LME to ban Russian copper as customers shun it – Aurubis, Europe’s biggest copper producer, wants the London Metal Exchange to impose an immediate ban on Russian metal due to risk of warehouses filling up as consumers shun it, its CEO told Reuters on Tuesday. – more
World crude steel output up 3.7 percent in September – In September, crude steel output in Asia amounted to 113.0 million mt, up by 10.6 percent, with China’s output at 87.0 million mt, up 17.6 percent, with 7.1 million mt produced by Japan, decreasing by 12.3 percent, 9.9 million mt produced by India, increasing by 1.8 percent, and 4.6 million mt produced by South Korea, falling by 15.4 percent – with all comparisons on year-on-year basis. – more
- September 2022 crude steel production – more
Stainless steel meltshop production decreased in first half year of 2022 – The world stainless association released figures for the first half year of 2022 showing that stainless steel melt shop production decreased by 3.5% year–on–year to 29.0 million metric tons. – more
Prices under negative pressure despite mill list hikes – October was expected to be a crucial month in determining the short-term direction of global steel prices. In Europe and North America, the mills’ efforts to reverse the negative trend are being strongly opposed by buyers. – more
World’s biggest nickel producer ditches Western tech – Russian mining company Nornickel says it intends to acquire new equipment from “friendly countries.” – more
Other News
- Reuters The Day Ahead – pdf here
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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Слава Україні! – more