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

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Thursday, May 30

• Three month nickel closed Wednesday’s trading session at $5.47/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today’s session just under the 160,300 tonne level. At the moment, the price of nickel has its nose still above the $12,000 tonne level, but by less than the price of a bottle of beer. The average cash price of LME cash nickel is now $3/tonne below the same level. After spiking early Friday, nickel has been on a steady rate of decline. The spike started around the $5.39/lb level, so the rate of decline needs to slow down or the market is in danger of slipping below support levels. If last weeks spike was part of an actual ‘plan’ to stimulate the market, it appears to have failed. If it was a move to force shorts to sell off to cover, and thus place less downward pressure on the market, it remains to be seen if that pressure has been removed. It did, however, force shorts to cover last Friday. The rate of LME inventory declines has roared back this week, after evaporating last week. Depending on the next few days, we could actually see the 708 tonnes reported at the half way point of the month, increase for the month as a whole. This is our last entry for the week – and month. We hope each of you has a safe and entertaining weekend, and hope to see you back Monday for the first week of the last month of the first half of 2019.
• Average price of cash nickel so far this month – $5.44/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper falls further as trade tension flares – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• ArcelorMittal Declares Production Cuts in More EU Steel Mills – more
• China Waits for U.S. to Make Move After Trump Says He’s in No Rush – more
• U.S. Futures, Europe Stocks Advance; Bonds Steady: Markets Wrap – more

     Wednesday’s market review – Copper hits near 5-month low after China-U.S. tension flares – Copper prices slumped to the lowest in almost five months on Wednesday on fears an escalation in US-China trade tension will damage economic growth and curb metals demand. – more

      Price of HC FeCr in China Continues to Go down Gradually = Production makes recovery in Inner Mongolia and import goes up = The price of high-carbon ferro-chrome in the Chinese domestic market has continued to go down gradually also in May. – more

      Taiwan’s Yusco remains stainless steel prices unchanged for Jun – Yieh United Steel Corp, the largest integrated stainless steel mill in Southeast Asia, announced its domestic and export prices of stainless steel for June today (May 30th). – more

      Philippines says Q1 nickel ore output rises 3% on year – The Philippines’ nickel ore production in the first quarter rose 3% from a year earlier to 2.97 million dry metric tonnes, despite zero output from more than half of the country’s 28 mines, the government said on Thursday. – more

      China’s push for more nickel in batteries slightly delayed, but it will come – The lower cobalt price has delayed slightly China’s push towards more nickel and less cobalt in its batteries – but fear not, the switch in chemistries is still on the agenda. – more

      US authorities Relax Section 232 Measures – Steel selling values, in the United States, continue to be among the highest in the world. Nevertheless, local steel manufacturers are struggling to minimize the extent of recent price erosion, across flat and long products. – more

  Morning Nickel Price Statistics & Figures

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

Wednesday, May 29

• Three month nickel closed Tuesday’s trading session at $5.50/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 163,100 tonne level. Nickel closed above the $12,000 tonne level for a second day, which typically would send a bullish technical signal. But it appears traders are treating the price spike of Friday last with the same sense of suspicion that market analysts are, and a downward trend since seems to be evident. Once again, nickel appears to be shadowing the Euro. The average price of cash nickel today is just $5/tonne shy of regaining the $12,000 tonne level. The trade war is still in the forefront of markets minds and China’s implied threat that it could ban the exports of what are called ‘rare earth minerals’ has everyone buzzing. And if that isn’t special enough, there is news from China that the Shanghai Futures Exchange will be trading stainless futures later this year. As if stainless steel prices weren’t volatile enough.
• Average price of cash nickel so far this month – $5.44/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Base metals fall on demand worries amid dragging trade war – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Fake news infiltrates commodity markets: 10 ways you can fight back – more
• Rattled China Investors Worry What’s Next After Bank Seizure – more
• China’s Bailout of a Troubled Bank Isn’t Surprising – more
• Commentary: U.S. risks losing rare earth supply in trade war  – more
• Rare Earth Stocks Give Abundant Returns as Investors Pile In – more
• Top planner warns of misusing rare earths – more
• Stocks Tumble as Bond-Market Warning Rings Louder: Markets Wrap – more

     Tuesday’s market review – Copper rises, but trade tensions keep sentiment fragile – Copper prices rose on Tuesday alongside Chinese equities, supported by expectations of further economic stimulus in the world’s biggest consumer, though sentiment remained fragile because of the U.S.-China trade dispute. – more

      Chinese Steel output reaches new heights – Until a few years ago, market updates from major iron ore producers Rio Tinto and BHP routinely stated that they expected Chinese crude steel production to reach 1 billion metric tons sometime between 2025 and 2030. – more

      Commodities Markets Can Provide Valuable Insights into the State of the Global Economy – Notwithstanding the recent correction associated with renewed trade tensions between the U.S. and China, a strong start to the year for global equity and commodities markets suggests a strong macroeconomic backdrop and a high risk appetite among investors. – more

      Ferronickel imports rebound close to 50% in Apr  – China’s ferronickel imports in April jumped 49.7% on the month to stand at 145,531 mt, after fewer arrivals from Indonesia drag on imports to 97,216 mt in March, showed data from China Customs on Wednesday May 29. – more

      Court denies request for additional environmental review of PolyMet mine – The Minnesota Court of Appeals has rejected arguments from three conservation groups that claim state regulators should conduct additional environmental review of the PolyMet copper-nickel mine proposed for northeastern Minnesota. – more

      Courtesy AISI – In the week ending on May 25, 2019, domestic raw steel production was 1,892,000 net tons while the capability utilization rate was 81.3 percent. Production was 1,808,000 net tons in the week ending May 25, 2018 while the capability utilization then was 77.1 percent. The current week production represents a 4.6 percent increase from the same period in the previous year. Production for the week ending May 25, 2019 is down 0.4 percent from the previous week ending May 18, 2019 when production was 1,900,000 net tons and the rate of capability utilization was 81.6 percent. – more

  Morning Nickel Price Statistics & Figures

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

Tuesday, May 28

• Three month nickel closed Friday’s trading session at $5.61/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and rose on Friday and start this week just under the 165,600 tonne level. We reported earlier this month that as of the half way point in the month, nickel stockpile numbers had fallen by an average of 708 tonnes per day. Since then, and as of today, the stockpile figures are now higher than they were on the 15th. Nickel spiked higher on Friday and media yesterday was buzzing on why. Even those who seem to have a reason for everything could not explain why the price spike. There were some violent riots in Indonesia on Thursday but things have been calm there since. The Euro had jumped right before the spike, but did little more than take the Euro back to where it was trading against the US Dollar on the 13th. The general consensus is blame trading computer algorithms. Nickel remains above the $12,000 tonne level this morning. It’s a shortened week and the final week of the second month of the second quarter of 2019. May it be a prosperous one for you.
• Average price of cash nickel so far this month – $5.43/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Zinc prices rally for second day; tight stocks in focus – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• April 2019 crude steel production – more
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Dig deep to draw mine students call – more
• Stainless Steel in Architectural Applications – new brochure
• Jakarta riots reveal Indonesia’s deep divisions on religion and politics – more
• Stocks Dip as Treasury Yields Drop to 19-Month Low: Markets Wrap – more
• Positive Indian Ocean Dipole likelihood increases – more

     Friday’s market review – Nickel jumps to 2-week peak on short covering, China hopes – Nickel spiked to its highest level in over two weeks on Friday as bearish investors covered positions, while other industrial metals gained on a weaker dollar and hopes for a U.S.-China trade deal. – more

      Nickel no more on the nickel: price hike remains a mystery – The price for nickel jumped sharply in a few minutes on Friday without a clear reason. – more

• Nickel prices spike to its highest level in more than two weeks – more

     Muted Chinese stainless steel production, trade dispute results in nickel price dip – Fitch Solutions Macro Research has revised its nickel price forecast for this year down to $13 250/t, compared with its previous forecast of $14 500/t, as prices have headed lower in recent weeks. – more

      Indonesia’s Export of Stainless Steel Semi-products in March 2019 = Ingot is 50,000 tons and flat roll is 190,000 tons = Indonesia’s foreign trade statistics shows the export volume of stainless steel semi-products in March 2019 was 49,829 tons of ingot (slab/HS: 7218) which made a recovery from the prior month (151 kgs). – more

      Most new plants use low-scrap input despite cost and environmental pluses, says analyst – There are some powerful reasons for mills to favour the use of stainless steel scrap over virgin materials, not least that it is “the lowest cost option” for consuming mills and the subject of “very competitive pricing at the moment”. – more

  Morning Nickel Price Statistics & Figures

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

Thursday, May 23

• Three month nickel closed Wednesday’s trading session at $5.43/lb . Indicators at 6:25 am CST today show 3 month nickel trading around  $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Wednesday and started today just over the 165,000 tonne level. Nickel closed back below the $12,000 tonne level yesterday, and so far, is bucking its tendency to see saw back above that level this morning. It still has about $120/tonne before it tests resistance, but traders have been bitten by the bear bug again. Reuters is blaming the trade war, but we tend to feel today’s accelerated drop is primarily due to the Euro dropping today. The trade war is definitely a factor, but we feel it is more responsible for the overall bearish trend, and not the day to day dumps or bumps. Speaking of, still no negotiations planned and the two parties have moved from the negotiation table to saber rattling and nationalistic rhetoric in their respective media’s. We can’t help but wonder where all the free-trade Congressmen have gone. This is our last update for the week and we hope each of you has a safe and enjoyable weekend and invite you back next week. US markets are closed for Memorial Day Monday and LME markets are closed for Spring Bank Holiday. So we will return on Tuesday.
• Average price of cash nickel so far this month – $5.43/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper slides as prolonged U.S.-China trade tension clouds sentiment – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• SMM – China Customs reports China imported 350,000 mt of scrap metal in April. This was up 40% from March, but down 20.4% from April 2018.
• The trade war is forcing China to ‘rethink economic ties’ to the US – more
• Full-Blown Trade War Is Quickly Shifting From Risk to ‘Baseline’ – more
• Stocks Slump, Dollar Rises as Trade Worries Deepen: Markets Wrap – more

     Wednesday’s market review – Trade war worries drag copper to 4-month lows – Copper prices hit a four-month low on Wednesday as an intensifying trade dispute between the United States and China took its toll on industrial metals with investors fearing damage to economic growth and weakened demand. – more

      POSCO’s stainless steel production & sales increases in Q1 – It was reported that in the first quarter of 2019, POSCO’s stainless steel output was around 500,000 tons, up from 470,000 tons in the previous quarter and 490,000 tons in the same period a year ago. – more

      Mincor drives nickel portfolio through purchase of IGO operation – Independence Group has sold its Long nickel operation in Western Australia’s Kambalda district to Mincor Resources for up to $9.5 million. – more

  Morning Nickel Price Statistics & Figures

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

Wednesday, May 22

• Three month nickel closed Tuesday’s trading session at $5.47/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose for a second consecutive day and now total just over the 165,100 tonne level. Nickel closed above the $12,000/tonne level yesterday and has slipped back below that level this morning. The price see-saw around this level continues. BHP is telling anyone that will listen that not only ae they all in to the nickel business again, but are looking for more assets. They want you, or at least their stock holders, to believe that they came up with this idea first, instead of being one of the last to show up to the party. If one questions that, I would invite you to look back at the LME Week meeting last year, as that was topic number one even at that late day. We welcome BHP to the party, but you might want to make a less conspicuous entry, as your stock holders probably have noticed your late. US stainless producers have posted surcharges for June and they are lower (sampling here). As far as trade war news, there is none, We will say, from a personal perspective, it appears that the Chinese media has turned sharply to a more defiant and nationalistic tone in the last week. There has always been some of that, but in the past, it was more defensive rhetoric against the bullying American’s, with always a hopeful tone to compromise included. That hopeful tone is gone and the tone is much more defiant. This does not bode well for a quick agreement, in our opinion.  
• Average price of cash nickel so far this month – $5.43/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Trade war drags copper to 4-month lows – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stainless steel fasteners for the most demanding marine applications – more
• Nickel Prices Could “Go Through The Roof”; Watch For Signs – more
• How To Play The Upcoming Nickel Boom, According To Expert – more
• Xi Jinping says China is embarking on a ‘new Long March,’ signaling no end to trade war soon – more
• Stocks in Holding Pattern as Traders Eye Tech Risk: Markets Wrap – more

     Tuesday’s market review – Aluminium and other metals muted as U.S. loosens Huawei restrictions – Aluminium ended barely changed on Tuesday after a day of choppy trade, as a boost from a temporary easing of U.S. trade restrictions on China’s Huawei was offset by expected higher output from Norsk Hydro’s Alunorte refinery. – more

      BHP seeks more nickel sulphides on bright battery demand – Global miner BHP Group said on Wednesday it is seeking to expand in nickel sulphides to feed future demand for electric vehicle batteries, adding to its core commodities of copper and oil. – more

• BHP puts coal on back burner in return to nickel and focus on renewables future – more

     Market Trend of Import of Ferroalloy as of 15 May 2019 = While many of products show tapering down trend, molybdenum bounces back = The market trend of import of ferroalloy as of 15 May 2019 is as follows. – more

      Nickel market records deficit in January to March 2019 – The nickel market was in deficit during January to March 2019 with apparent demand exceeding production by 23.2 kt. In the whole of 2018 the calculated deficit was 90 kt. WBMS has revised its estimated demand for Indonesia for the last three years which has changed the market balances for the period. – more

      Stainless Steel Creates an Art Deco Masterpiece – With the Delhi Pillar (Delhi, India), improved corrosion resistance was achieved through alloy additions to the iron, but this was the result of luck with the ore used. It was not until the late Victorian era that scientific investigations produced the precursors to the modern corrosion-resistant steels in use today. – more

  Morning Nickel Price Statistics & Figures

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

Tuesday, May 21

• Three month nickel closed Monday’s trading session at $5.43/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licensed warehouse rose for the first time this month and started the day just over the 164,500 tonne level. Look like the $12,000 tonne level is setting itself up to be a battleground for bulls and bears, at least in the short term. After rising above that level Friday, it closed below it yesterday, and is trading back over it this morning. A weakening Euro is putting negative pressure on LME traded commodities. On the other hand, Chinese steel futures are trading very strong. Interesting article below by Reuters’ Andy Thomas about the ‘confusing signals’ LME nickel is sending.
• Average price of cash nickel so far this month – $5.43/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – London copper climbs as U.S. eases Huawei restrictions – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Analysis: Platts China Steel Sentiment Index slumps to 12.79 points in May – more
• China Warns About ‘Unwavering Resolve’ to Fight U.S. ‘Bullying’ – more
• Will China’s steel production, capacity additions result in another export flood? – more
• U.S. Futures, Europe Stocks Advance as Bonds Drift: Markets Wrap – more

     Monday’s market review – Zinc slides to 4-month low as China supplies ramp up – Zinc prices hit four-month lows on Monday as investors fretted about rising supplies from top producer China, while industrial metals overall came under pressure from trade tensions between the United States and China. – more

     Column: Confusing signals cloud London nickel market – The London Metal Exchange (LME) nickel market was last week gripped by the most acute tightness in a decade. – more

     Production Plan for Special Steel Products in Apr-Jun 4.8888 Mil. Tons = Down by 8% from year-earlier period = On May 13, the Ministry of Economy, Trade and Industry made clear the production plan for hot-rolled special steel products in the period from April to June in 2019. – more

      Vanquished Palmer a no-show at Queensland Nickel court case – Big-spending election loser Clive Palmer was absent from court as his lawyers were lambasted by a judge overseeing Queensland Nickel’s liquidation trial. – more

     Courtesy AISI – In the week ending on May 18, 2019, domestic raw steel production was 1,900,000 net tons while the capability utilization rate was 81.6 percent. Production was 1,808,000 net tons in the week ending May 18, 2018 while the capability utilization then was 77.1 percent. The current week production represents a 5.1 percent increase from the same period in the previous year. Production for the week ending May 18, 2019 is down 1.4 percent from the previous week ending May 11, 2019 when production was 1,927,000 net tons and the rate of capability utilization was 82.8 percent. – more

     ‘How’s the rape and pillage going?’ WA public servant in CCC probe – A public servant in charge of managing the rehabilitation of WA’s abandoned mines has been accused of serious misconduct and corruption after authorising payments to her partner’s consultancy company. – more

  Morning Nickel Price Statistics & Figures

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

Monday, May 20

• Three month nickel closed Friday’s trading session at $5.45/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouse fell on Thursday and Friday and started the week around the 164,100 tonne level. Nickle topped out just after we posted our final update for last week, and then has begun a decline which has yet to stop. The market has not yet fallen to the lows of the last few weeks, but nothing seems to be hindering its drop as of yet. If anything, this morning the trading price rate of drop has accelerated. We put resistance at the $5.33/lb level, which has been tested twice in the past few weeks and so far, has held. On the news front the market is back and forth on its fears of the economic effects of the trade war with China. The news that the steel tariffs with China and Mexico have ended appears to be having little positive effect. And Australia … take a bow for proving money can’t buy everything. So what will the week bring for nickel prices and downstream stainless steel users? Stay tuned and we will learn together.
• Average price of cash nickel so far this month – $5.43/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper extends losses in volatile trade amid trade war fears – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• US reaches agreement to remove Canada, Mexico metals tariffs – more
• Stocks Decline as Trade War Hits Tech; Oil Rises: Markets Wrap – more

     Friday’s market review – Escalating trade war drives copper to fifth weekly loss – Copper prices fell for a fifth consecutive week as the trade confrontation between the United States and China intensified. – more

     Increasing production may put pressure on Nickel prices – With no concrete conclusion coming out of the months long trade spat between Washington and Beijing coupled with narrowing global deficit, we expect MCX Nickel prices to go lower towards Rs 800 per kg. – more

      China trade conflict reverberates in Asian stainless steel market – Fears of a fall in stainless steel demand are expected to limit a recent rebound in Asian prices of the alloy, in one of the myriad ripple effects from the newly escalating U.S.-China trade conflict. – more

      Is the commodities shortage more a mirage than reality? – Samso seeks to help clients with business development and public investor/relation needs. – more

     China’s scrap metal imports to slump as new rules leave firms confused – China’s scrap metal importers expect disruptions in shipments to start this month because of uncertainty surrounding new scrap restrictions starting in July, depriving the world’s biggest copper consumer of a crucial source of the metal. – more

     Ni SUS Scrap Price in mid-May Starts with JPY120,000 to JPY130,000 = Due to drop in LME nickel price and decreased domestic demand = As of April 13, the stainless steel mills in the Kanto area purchase nickel-containing stainless steel scraps (SABOT) at JPY120,000 to JPY130,000 per ton (delivered at plant). – more

     Clive Palmer’s $60m election ad blitz appears to have failed to win a single seat – Clive Palmer’s United Australia party appears to have failed to win a single seat in federal parliament, after the billionaire spent an estimated $60 million on election advertising. – more

• ‘He destroyed lives’: Ex-Queensland Nickel worker unleashes on Clive Palmer – more

  Morning Nickel Price Statistics & Figures

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

Thursday, May 16

• Three month nickel closed Wednesday’s trading session at $5.51/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 165,500 tonne level. If LME withdrawal rates continue at their current pace, this month will take the lead for withdrawal rates. At present, for the first half of the month, withdrawal rates jumped to an average of 708.54 tonnes per day. Putting aside the seasonal fluctuations in demand, that works out to less than 47 weeks of LME supply. After a very slow start, nickel jumped back over the 12,000 tonne level yesterday, and so far today, remains there. For the technical fans, we show resistance around $5.60/lb. While it’s too early to declare that nickel has found the floor at $5.33/lb, the jump off that level has been significant and its going to take some bad economic news, in our opinion, for traders to test it again. Our track record for forecasting is 100% accurate – but only if we don’t announce it. When we publish it – the record is not nearly as good. So take that comment with the same grain of salt you should consider every prediction with. Linked to quite a few articles below but most are of regional interest. This is our final update for the week, so we wish our readers a safe and relaxing weekend and invite you back next week as we discover if the bull is back, or if the bear just took a short break in his hidey-hole.
• Average price of cash nickel so far this month – $5.42/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Shanghai aluminium hits 7-mth high amid supply shortage in China – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China Promises Response If U.S. Slaps Tariffs on all Remaining Imports – more
• Commodities for the Trump-China trade war: Gold for bears, copper for bulls – Russell – more
• U.S. Futures Turn Higher, Treasuries Erase Gain: Markets Wrap – more

     Wednesday’s market review – Copper gains as hopes for trade deal outweigh soft Chinese data – Copper extended its rebound on Wednesday as hopes the United States and China would forge a trade deal overshadowed largely disappointing economic data from top metals consumer China. – more

      Nickel & stainless: early optimism clouded by uncertainty – On top of the effect of shaky China-US relations and the expected summer slowdown, the alarm is being raised about the massive expansion of Indonesian output. – more

     VTEM survey confirms potential for significant nickel discovery at Chase Mining’s Zeus project – Minerals explorer Chase Mining Corporation has confirmed the potential for a significant nickel discovery at its wholly-owned Zeus project area in Canada after receiving positive results from an airborne geophysical survey at the Lorraine and Alotta-Delphi-Zullo targets. – more

     Trump administration renews key leases for potential copper mine next to the BWCA – Twin Metals is one step closer to officially proposing a copper-nickel mine in northern Minnesota. – more

     Organic waste reclaiming mine waste produces award-winning solution – Sudbury nickel miner Vale and an industrial waste management company have come up with an award-winning organic solution toward covering mine tailings near the smelter in Sudbury. – more

     Clive Palmer will not try to influence Queensland Nickel inquiry, senator says – Brian Burston, the former One Nation and now United Australia party senator, says he would consider it a “conflict of interest” and “corruption” if an elected Clive Palmer sought to influence a commonwealth-appointed special purpose liquidator into Queensland Nickel. – more

     The world’s nickel capital Norilsk is gripped by eternal winter – If you live in Siberia, you’ve got to be either born with an unbreakable sense of humour, or to grow one quickly to survive its tough climate and unpredictable weather. – more

  Morning Nickel Price Statistics & Figures

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

Wednesday, May 15

• Three month nickel closed Tuesday’s trading session at $5.40/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started the day just under the 167,300 tonne level. Base metals are in neutral today, after a modest bounce back yesterday. Today’s continuation of that bounce appears to be tempered by a weakening Euro and no base metal is moving with any tenacity today. Very little news today other than a lot of rehashing of the news that BHP decided to keep Nickel West. Typically news like this would be seen by the market as bullish news, but BHP spent five years trying to unload this entire division, so its reasoning for the change is seen as suspicious. Trade war news, while still important, is being pushed to page two by other world events, and the bear is having his thunder stolen. Have we seen a bottom? Or has the market got room to go before it finds the floor? Stay tuned.
• Average price of cash nickel so far this month – $5.42/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper rises on renewed trade deal hopes, Germany’s growth recovery – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• Quarterly Report on Household Debt and Credit – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Afarak issues profit warning for first quarter of 2019 – more
• U.S. Futures, Europe Stocks Dip as Asia Advances: Markets Wrap – more

     Tuesday’s market review – Copper rebounds on bargain hunting, trade tensions weigh – Copper rebounded on Tuesday as investors emboldened by solid supply and demand fundamentals sought bargains after tit-for-tat trade tariffs between the United States and China triggered a fall in prices. – more

     Chinese stainless steel output increases in Apr m-o-m, y-o-y – According to statistics, China produced a total of around 2.34 million tons of stainless steel in April, up by 0.03% from the previous month and by 12.08% compared to the same month a year ago. – more

      Acerinox expects higher earnings on improved inventory – Spanish stainless steel producer Acerinox forecasts higher earnings in the second quarter as a result of “reasonable” US inventory levels, despite a decline in production from the prior year period. – more

      BHP backs future of Nickel West to drive battery market – BHP has indicated it will keep the Nickel West business in Western Australia as the company looks to capitalise on the emerging global battery market. – more

     Clive Palmer gag clause: QN workers told to make no ‘disparaging comments’ if they want entitlements – Former Queensland Nickel workers are being told to sign a document gagging them from making any disparaging comments about Clive Palmer in exchange for receiving their outstanding entitlements. – more

  Morning Nickel Price Statistics & Figures

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

Tuesday, May 14

• Three month nickel closed Monday’s trading session at $5.34/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started todays session just over the 168,700 tonne level. Nickel retreated sharply again yesterday, and is up a few pennies this morning, as even the bears get concerned the market has fallen too fast, too quickly. That isn’t to say traders have found the floor yet – but the pessimistic reaction to the trade talks should concern even those who typically delight when their shorts pay off. Nickel fell to as low as $5.32/lb yesterday as China retaliated to Trymp’s tariff increases. The average price of nickel for nickel has fallen below the $12,000 tonne level for May and this would be the the first time since January we have seen that. BHP gave up on its five year attempt at unloading the Nickel West mine, and instead says because of the expected increase in demand for batteries, it has decided to keep the mine. The press is eating this announcement up, but we see it as a no winner for BHP. Either they are putting lipstick on a pig they couldn’t unload, or their long term planning is seriously deficient. BHP was a major player in the nickel industry, and its decision years ago to get out of the business, is a reflection on an inability to see beyond its iron ore operation. It would be interesting to know on what day someone in their corporate office, upon hearing for the thousandth time about EV and potential shortages of nickel, suddenly thought “Hey! What just a minute!”.
• Average price of cash nickel so far this month – $5.42/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper rebounds on bargain buying; zinc spread hits 22-yr high – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Economy in a Snapshot – May 2019 – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• What is Stainless Steel? All One Needs to Know About Stainless Steel – more
• China Loses More From This Trade War – more
• China not afraid to ‘fight back’ as markets tumble on trade fears – more
• U.S. Futures, Europe Stocks Gain as Asia Peers Dip: Markets Wrap – more
• ENSO Outlook decreased to El Niño WATCH; positive IOD possible – more

     Monday’s market review – LME lead near 3-year low on deadlock in U.S.-China trade talks – Prices of lead and other industrial metals fell on Monday, pressured by concerns over the outlook for the global economy and metals demand as Washington and Beijing struggled to salvage a deal to end a bitter trade war. – more

     BHP to keep Nickel West operations in Australia amid positive battery outlook – Global miner BHP Group will keep its Nickel West operations in Australia amid increasing demand for materials used to make batteries, its chief executive said on Tuesday. – more

• Zero to hero as BHP decides Nickel West is a keeper – more

     Nickel, Lead, and Beryllium: The Top 5 Minerals Mined in the U.S. – Did you know there are about 3,800 known minerals on earth?  No wonder that with so many minerals available people want to learn more about which ones are the most mined in order to sell. – more

     Courtesy AISI – In the week ending on May 11, 2019, domestic raw steel production was 1,927,000 net tons while the capability utilization rate was 82.8 percent. Production was 1,808,000 net tons in the week ending May 11, 2018 while the capability utilization then was 77.1 percent. The current week production represents a 6.6 percent increase from the same period in the previous year. Production for the week ending May 11, 2019 is up 0.6 percent from the previous week ending May 4, 2019 when production was 1,915,000 net tons and the rate of capability utilization was 82.3 percent. – more

     Palmer protests QLD Government denial of Townsville port access – Clive Palmer plans to pursue legal action against the Queensland Government for allegedly refusing to provide Queensland Nickel Resources with access to the Port of Townsville. – more

     Throw in your two cents on proposed Sudbury copper-nickel mine – The Canadian Environmental Assessment Agency is seeking public comment on the environmental impact of KGHM International’s proposed mine project near Sudbury. – more

  Morning Nickel Price Statistics & Figures

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

Monday, May 13

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

• Three month nickel closed Friday’s trading session at $5.31/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and started this week just over the 169,200 tonne level. Nickel fell sharply on Thursday and recovered on Friday, so we ended the week about where the market was on Wednesday. Today, however, the bears have returned and nickel is lower. Friday’s optimism was based on a stronger Euro and hopes that the trade talks would end positively. They did not. Friday’s tariff increases are in effect – from the old 10% tariff to now 25% tariff. And with a Twitter tirade over the weekend promising more tariff’s coming and threats that a reelected Trump won’t be in the mood to be so generous, it is hard to see where an agreement will come anytime soon. Stock markets and commodity markets are sending a strong signal that they disapprove. Lot of news below so we will leave you to it. Have a great week!
• Average price of cash nickel so far this month – $5.44/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – LME lead near 3-year low on deadlock in U.S.-China trade talks – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Exports of Stainless Steel Mill Products – more
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• State govt urged to tackle heavy metal pollution  – more
• US-China trade war isn’t buckling copper price – yet – more
• Trump Says U.S. ‘Where We Want to Be’ on China Trade Talks – more
• Kudlow acknowledges US will pay for China tariffs, contradicting Trump – more
• Stocks Slump, Dollar Rises on Trade-Talks Deadlock: Markets Wrap – more

     Friday’s market review – Copper rebounds on hopes for trade deal, but market vulnerable – Copper and other industrial metals rebounded on Friday on hopes that a U.S.-China trade deal would be hammered out, but they remained vulnerable to further friction between the world’s two biggest economies. – more

     Copper to creep higher in coming months – Copper prices are expected to extend their rebound in coming months as recovering demand in top metals consumer China and mine disruptions create a larger than expected deficit, a Reuters poll showed. – more

     China’s Production of SUS Crude Steel in Jan-Mar 6.4341 Mil. Tons = Down by 2% from year-earlier period, and production of Cr-type and Mn-type products is down = The Stainless Steel Council of China Special Steel Enterprises Association announced China’s production of stainless crude steel in the period from January to March in 2019 was 6.4341 million tons, down by 1.5% from 6.5329 million tons in the year-earlier period. – more

     Vale still confident about nickel prices – A deadly dam disaster in its home country of Brazil has put Vale SA in the red. On the bright side for Sudbury, however, the company remains cautiously optimistic about the demand and price for nickel. – more

      African Battery Metals acquires interest in nickel and PGM project in Botswana – African Battery Metals PLC has acquired an 18.26% stake in Kalahari Key Mineral Exploration Ltd. – more

     LME Considering China Expansion – Although new warehouses have no direct effect on tin production or consumption, the arrival of the LME into China could still be significant. – more

     Sherritt hits 3-billion pounds in nickel production – It was an unlikely milestone some didn’t think the company would ever see. – more

     Nickel: First Quantum investigating Ravensthorpe re-start – First Quantum Minerals is investigating the possibility of re-starting its idled Ravensthorpe nickel/cobalt operation in Australia. – more

     Dutch firm advances Venezuela slag-to-nickel project – A Dutch company has partnered with Venezuela´s state-owned mining company CVM to install a slag reprocessing plant to recover about 3,000 metric tons of nickel from 150,000t of slag accumulated since 2000. – more

     Palmer threatens suing for Qld port access – He’s got a very notorious record in Townsville, he’s been spending $50 million on the most expensive political campaign in Australian history, and he still hasn’t paid his debt of $1.1 million to the Port of Townsville – more

  Morning Nickel Price Statistics & Figures

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

Thursday, May 9

• Three month nickel closed Wednesday’s trading session at $5.41/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the 170,400 tonne level. The price of nickel fell below the $12,000/tonne level yesterday, for the first time since January. Nickel has been in a fairly consistent since May 7th, and a far more choppy decline since March 4th. The pace of decline has increased dramatically since President Trump’s weekend tweet blew up predictions of a China – US trade deal announcement this week. Lot of ‘blame game’ and ‘sky is falling’ articles out there, but to understand what the sides are really thinking behind all the noise, we posted a few articles in the Commodity Comments section, starting with the Chinese point of view in “Why is China playing hardball…”. It won’t change our individual opinions on this matter, but it never hurts to try to understand ‘why’ our trading partners think the way they do. And we use the term ‘partner’ loosely. This is our final update for the week and we hope each of you has a safe and relaxing weekend. Join us next week and let’s hope things have calmed down a bit and some stability returns to the market.
• Average price of cash nickel so far this month – $5.48/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper, nickel extend losses ahead of crucial trade talks – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Stainless steel: The role of nickel – here
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Ten Years Later—Did QE Work? – more
• Why is China playing hardball in trade war talks with the United States? – more
• Trump’s China Tariff Threat Could Be His Riskiest Trade Move Yet – more
• China-U.S. trade war disrupting metal markets, sparking volatility: industry – more
• Trump blows up trade complacency, commodities to feel pain: Russell – more
• Trump Says China ‘Broke the Deal’ in Trade Talks With U.S. – more
• Stocks Drop, Treasuries Rise as Fresh Tariffs Loom: Markets Wrap – more

     Wednesday’s market review – Copper nears three-month low before U.S-China trade talks – Copper fell to a near three-month low on Wednesday on concerns over a potential resumption of tit-for-tat trade tariffs between the United States and China ahead of last-ditch negotiations. – more

      Nickel rich batteries are here – but where’s the nickel going to come from? – The trend toward higher nickel content batteries is expected to continue – and securing enough nickel has now become a major concern for the EV industry. – more

      Government targets increase in mining production – Zimbabwe desperately needs investors in the mining sector given its potential to steer economic growth towards attainment of an upper middle income vision by 2030, a Cabinet minister has said. – more

      Batchewana First Nation denies it supported ferrochrome proposal – Batchewana First Nation is denying a claim by the City of Sault Ste. Marie and Sault Ste. Marie Economic Development Corp. that it wrote a letter of support for Noront Resources Ltd.’s ferrochrome processing facility. – more

  Morning Nickel Price Statistics & Figures

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

Wednesday, May 8

• Three month nickel closed Tuesday’s trading session at $5.48/lb . Indicators at 6:20 am CST today show 3 month nickel trading around  $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and start the day just over the 171,100 tonne level. Cancelled warrants hit the 40% mark as well yesterday. Nickel, as well as nearly everything else, fell yesterday as traders turned sour on US and China trade woes. All signs pointed toward an agreement by this Friday, with the Chinese leader scheduled to meet with President Trump on Friday. A few days later, and the President is suddenly tweeting threats to increase tariffs to 25% on Chinese imports on the very day he is supposed to meet with the Chinese President. Understandably, world markets are more than a little rattled. In the stainless steel market, orders that would have other wise been placed, are on hold, as end users who can afford to wait, do so to see where nickel and stainless steel prices will bottom out. While nickel prices increasing are stressful for stainless steel distributors, with price increases in stainless steel product sometimes coming daily, price drops are nearly as bad, with inventory suddenly overpriced for the market and customers waiting for and/or demanding lower prices. This is when gross profit margins can take a hit. The volatility of nickel, while beneficial to traders, can sometimes be inconvenient for those who actually work with the material.
• Average price of cash nickel so far this month – $5.60/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Most Shanghai metals ease ahead of U.S.-China trade talks – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stainless steel: The role of nickel – here
• Key takeaways of LME Asia Week 2019 – more
• Trump’s Section 232 Tariffs Cost $900K for Every U.S. Steel Sector Job – more
• China backtracked on nearly all aspects of US trade deal: Sources – more
• U.S. Futures, Europe Stocks Turn Lower; Pound Dips: Markets Wrap – more

     Tuesday’s market review – Copper heads towards February lows as trade tensions rise – Copper prices fell on Tuesday towards 2-1/2 month lows hit last week on worries about demand after U.S. President Donald Trump said he would raise tariffs on Chinese goods before U.S-China trade talks. – more

      Poor output, orders for stainless steel lower downstream nickel PMI for Apr  – The purchasing managers’ index (PMI) for the downstream nickel industries again fell below 50, to 42.55 in April, after it sharply gained 17.32 month on month to 64.65 in March, showed SMM data on Wednesday May 8. A reading below 50 indicates contraction. – more

      Price of SST Sheet in Asia on a Decline – The price of stainless steel (SST) sheet in the Asian region has shown signs of decline. Some observers are voicing concern that the downward movement may accelerate in May. – more

      Blackstone to acquire Vietnamese nickel project – After a period of relative quiescence, ASX listed and battery metal focussed small cap explorer Blackstone Minerals has burst back into life securing an option to acquire 90% of the prospective Ta Khoa nickel project in Vietnam, including the mothballed Ban Phuc underground nickel mine. – more

      Noront chooses Sault Ste. Marie – Noront Resources has selected Sault Ste. Marie to be the host of its ferrochrome processing facility. CEO Alan Coutts said the lower operating costs over the 100-year period, is what set Sault Ste. Marie out from Timmins. – more

  Morning Nickel Price Statistics & Figures

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

Tuesday, May 7

• Three month nickel closed Friday’s trading session at $5.53/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles off nickel stored in LME licensed warehouses fell on Thursday and Friday and started the shortened week just under the 172,800 tonne level. Nickel is lower this morning, and while it continues a month long downward trend, the tariff threat over the weekend by the President surely did not help matters. The new threat to increase tariff’s from 10 to 25% if an agreement is not reached by Friday, appears to be counter productive at this stage of the game – unless things were not going as well as we were being led to believe. Traders appear to fear the worst, with markets around the world reacting negatively to the tweet. Nickel is now trading where it was back in late January – at the moment, January 29th to be exact. It also trading below another minor support line. On the supply/demand front, the news as more bullish. Tesla is forecasting a possible shortage for nickel in the near future, and Eramet in New Caledonia, which has seen its mines there plagued with sabotage, has possibly not yet seen the end of such actions with another fire hurting operations there. Have a great week!
• Average price of cash nickel so far this month – $5.51/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – London base metals mixed amid renewed U.S.-China trade tensions – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Faltering Metals Get Check-Up as Industry Gathers in Hong Kong – more
• Domestic steel sheet prices already mirroring slower US growth: S&P Global – more
• Stocks Decline as Trade Concerns Linger; Oil Dips: Markets Wrap – more

     Friday’s market review – Copper jumps on weaker dollar but logs weekly loss – Copper rose on Friday on a weaker dollar and expectations for progress in U.S.- China trade talks, but the move higher was not enough to rescue prices from their worst week since November. – more

      Trump blows up trade complacency, commodities to feel pain: Russell – U.S. President Donald Trump has just given commodity markets a reminder that stormy waters can blow up quite quickly even if the voyage ahead was looking like smooth sailing. – more

     Tesla Manager Sees Risk of Battery-Minerals Shortage in Future – Booming demand for electric vehicles and insufficient investment in mines could result in a global shortage of minerals needed to manufacture rechargeable batteries in a few years’ time, a Tesla Inc. representative told U.S. officials and mining executives in a meeting in Washington. – more

      New Caledonia mine site hit by fire – Local media reports said a stretch of the conveyor belt which feeds nickel ore to the coast for shipping to the SLN smelter in Noumea has been burnt. – more

      Japanese stainless steel exports drop in 2018 y-o-y – According to the statistics, Japan exported a total of around 976,000 tons of stainless steel products in 2018, dropping by 1.5% compared to the previous year. – more

      Molybdenum demand unaffected by short-run oil price volatility – The oil and gas sector is a significant, albeit hugely volatile, source of molybdenum demand. – more

     First Quantum could restart Ravensthorpe amid surging nickel prices – First Quantum Minerals has signalled the potential comeback of its Ravensthorpe nickel-cobalt operation in Western Australia next year if commodity prices continue to rise. – more

     Retired Forest Service officials raise concerns about Twin Metals – In northeast Minnesota, two new copper-nickel mining projects on the fringe of the state’s Iron Range are inching closer to reality. – more

• Minnesota environmentalists step up fight against Twin Metals’ copper project – more

     Courtesy AISI – In the week ending on May 4, 2019, domestic raw steel production was 1,915,000 net tons while the capability utilization rate was 82.3 percent. Production was 1,796,000 net tons in the week ending May 4, 2018 while the capability utilization then was 77.6 percent. The current week production represents a 6.6 percent increase from the same period in the previous year. Production for the week ending May 4, 2019 is up 1.1 percent from the previous week ending April 27, 2019 when production was 1,895,000 net tons and the rate of capability utilization was 81.4 percent. – more

  Morning Nickel Price Statistics & Figures

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

Thursday, May 2

• Three month nickel closed Wednesday’s trading session at $5.54/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged from last night’s close. Stockpiles of nickel stored in LME licensed warehouses was also unchanged from yesterday. There was a famous line in “Raiders of the Lost Ark”, where the German agent sat down in front of the professor and his friend and stated “what shall we talk about?”. With unchanged inventories, unchanged trading prices, and China closed for a holiday, we have to wonder “What shall we talk about?”. Let’s run down other news, shall we? The Euro is off yesterday’s highs, which is way off last months highs. The China stainless steel index we follow is down over 3% from a month ago, and nearly 2% from last quarter. China steel futures are on the rise again, and back to where they were a few weeks ago. And finally, the press is reporting a possible trade deal agreement is in the works between China and the U.S. and could be finalized by next Friday. China will reopen and be back in business on Monday, but the London Metal Exchange will be closed Monday for a holiday. It’s called an Early May Bank holiday. So our next update will be on Tuesday. Another month is in the history book’s, and for nickel, it was rather brutal, with the gains from February and March, evaporating. Since January was a very healthy month, we are still up year to date, while year on year, we are down even more. What will May and the coming summer bring? Stay tuned. Have a safe and relaxing weekend, and we will see you next week.
• Average price of cash nickel so far this month – $5.50/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Most metals rise on trade talk progress; zinc dips on ample stocks – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – closed for holiday
• Commodity Monthly Monitor – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Glencore shares close lower after production targets are revised – more
• Stocks Mixed as Focus Turns to Earnings and Trade: Markets Wrap – more

     Wednesday’s market review – Copper drops to one-month low on selling by computer funds – Copper prices slid to their lowest in a month on Wednesday as computer-driven funds unleashed selling following an options expiry amid disquiet about demand in top metals consumer China. – more

      Copper to creep higher in coming months as China recovers – Copper prices are expected to extend their rebound in coming months as recovering demand in top metals consumer China and mine disruptions create a larger than expected deficit, a Reuters poll showed. – more

      Further World Stainless Steel Production Records Forecast – Worldwide crude stainless steel production, in 2018, reached an all-time high total of more than 50.7 million tonnes. – more

      Indonesian stainless steel imports hit 2019 new high in Mar – According to the statistics, Indonesia imported a total of around 140,000 tons of stainless steel in March, significantly rising by 98.55% compared to the previous month, also up by 18.10% from the same month a year ago. The imports in March hit a new high in 2019. – more

      Queensland Nickel makes claim for Yabulu Refinery rail operations – Clive Palmer-owned Queensland Nickel has applied to be the rail operator for the Yabulu Nickel Refinery operations in North Queensland. – more

     Yuri Kozyrev’s best photograph: Norilsk, one of Earth’s most polluted places  – This Arctic city was built by Russian prisoners in the late 1930s to meet wartime demand for metal. There are graveyards everywhere – more

  Morning Nickel Price Statistics & Figures

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

Wednesday, May 1

• Three month nickel closed Tuesday’s trading session at $5.56/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel store din LME licensed warehouses fell on Tuesday and started today’s session just under the 173,100 tonne level. After a week of doing very little, nickel finally made a noticeable move yesterday,.but not in the direction nickel miners hoped for. At the moment we show it is still trading below support, after closing below last night. this may or may not send another negative technical signal, depending on whether you buy into the theory or not. Nickel needs to find the floor, but where that will be, is anyone’s guess. It could depend on the China-US trade talks, but at this point, the market has soured on nickel so quickly, that even that positive news may have little effect on the traded price. Case in point – the Euro is stronger for a second day, with nickel pretending not to notice. Nickel stockpiles fell an average of 479.4 tonnes per trading day in April, down from 683.71 tonnes per day in March, but higher than January and February numbers. After four months, LME stockpile numbers have fallen from just over 207,300 tonnes to just over 173,000 tonnes. Today begins a new month, the fifth of 2019. May it be a prosperous and personally rewarding one for you.
• Average price of cash nickel so far this month – $5.81/lb (average for April)
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper prices climb as U.S-China trade talks start – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – closed today

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Political Uncertainty Unnerves Business Confidence in Several Emerging Markets – more
• U.S. Futures Advance, Treasuries Steady Before Fed: Markets Wrap – more

     Tuesday’s market review – Copper prices rise despite weak Chinese factory data – Copper prices rose on Tuesday as investors bet that top consumer China would respond to weak factory data by implementing fresh stimulus measures. – more

     North American Stainless press release – For the month of May 2019, North American Stainless will increase the fuel surcharge to 26% for stainless flat and long products. The surcharge rate is considered a maximum level for May and will be reviewed monthly. – source

      China’s metals imports robust despite macro doubts: Andy Home – Industrial metal markets are taking a breather as they await tangible evidence that China’s latest stimulus package is feeding through to a flagging manufacturing sector. – more

     Nickel Monthly News For The Month Of April 2019 – Nickel spot prices were slightly lower in April, as the LME inventory fell yet again approaching a 7-year low. – more

      China’s CATL starts mass production of high-nickel batteries: chairman – Contemporary Amperex Technology Co Ltd (CATL), China’s biggest maker of batteries for electric vehicles, has begun mass production of high-nickel batteries, its chairman told investors last Friday. – more

      Sir Arvi Parbo: Humble man who struck it rich in Australia – Sir Arvi Parbo should have been the poster boy for Australia’s post-war immigration policy. A foreigner and outsider, he came to Australia with no family connections or advantages but rose to become one of our top businessmen. – more

  Morning Nickel Price Statistics & Figures

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

April Archives

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“A Guide To LME Trading”…pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST – 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.