Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$8.85/lb
($19,505/tonne). Indicators at 6:00 am CST today show nickel trading around $.15/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 107,000 tonne level. Nickel has slipped below its 100 day moving average this morning, by a rather substantial amount. Last night it closed just above. The International Nickel Study Group reported global nickel deficit of only 5,200 tonnes in September. LME stockpiles fell approximately 37,000 tonnes that month. Old timers watch the price of boxes and bolts to tell what supplier costs are doing. Both PPI’s are posted under reports. Lot of news and reports today. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month – $9.13/lb
- LME nickel chart – here / Euro/US Dollar chart – here
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Reports
Why Stainless Steel
Tuesday’s market review – Rising inventories undermine aluminum prices – Aluminum prices fell on Tuesday after inventories in London Metal Exchange-registered warehouses jumped, though losses were limited by robust demand and tight supplies expected in top producer China. – more
India’s ISSDA asks resumption of CVD duty on stainless steel imports from China, Indonesia – The Indian Stainless Steel Development Association (ISSDA) has asked the government to restore countervailing duty (CVD) on imports of stainless steel from China and Indonesia in the upcoming Union Budget 2022-23… – more
Global nickel market deficit shrinks in Sept to 5,200 tonnes -INSG – The global nickel market deficit narrowed to 5,200 tonnes in September from a shortfall a month earlier of 14,600 tonnes, data from the International Nickel Study Group (INSG) showed on Thursday. – more
Growth Rates Improve in November – Steel shipments increased in the U.S. and declined at a much lower rate in Canada. Aluminum shipments increased in both countries. – more
Global steel production forecast at record high in 2022 – MEPS has lowered its annual crude steel production forecast to 1,940 million tonnes, for 2021. Nevertheless, this figure is a new peak for global steelmaking, and represents year-on-year growth of 3.4 percent. – more
Blockchain could answer big supply chain questions, says BHP – Blockchain technology could help answer …some of the big questions as products pass through its supply chain, BHP chief commercial officer Vandita Pant said in a news release this week – more
Ukraine Imports Of Nickel Goes Down By 22% In Jan-Nov – Ukraine in January-November this year reduced imports of nickel ores and concentrate by 21.6% compared to the same period last year, to 1.134 million tonnes. – more
Courtesy AISI – In the week ending on December 11, 2021, domestic raw steel production was 1,818,000 net tons while the capability utilization rate was 82.4 percent. Production was 1,612,000 net tons in the week ending December 11, 2020 while the capability utilization then was 72.9 percent. – more
ISM report issues positive 2022 outlook for manufacturing and services sectors – Key indicators in the December 2021 ISM Semiannual Economic Forecast, which was released this week, point towards continued economic expansion in 2021. – more
U.S. Truckers Are ‘Drowning’ in Empty Containers – Restrictions on empty-container returns at major ports are the top issue that needs fixing to help ease U.S. supply chain bottlenecks, the head of the Harbor Trucking Association said, adding that true round-the-clock operations aren’t yet in place. – more
Other News
- Reuters The Day Ahead – pdf here
- Tornadoes Showed Why Businesses Should Have Safe Rooms For Employees And Customers – more
- Workers Keep Resigning. Here’s a Novel Idea to Get Them to Stay – more
- Despite Mass Resignations, Not Everyone Is Quitting. What We Can Learn From Those Who Are Staying – more
- Three Myths of the Great Resignation – here
- US COVID death toll hits 800,000, a year into vaccine drive – more
- U.S. Futures Waver as Fed Decision Looms: Markets Wrap – more
Morning Stats and Prices
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