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Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel on the LME went untraded yesterday. Indicators at 6:00 am CST today show nickel trading around $.23/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on Friday and started today just under the 194,500 tonne level. Cancelled warrants came in very close to the 34% level on Friday. LME traders have returned after a three day weekend, with a bang. Nickel jumped in overnight trading at Shanghai, and LME traders are following suit. At the moment, nickel is trading $500/tonne higher, but still has a ways to go before it ends as high as it did in July. Stainless steel is also trading higher in China, with all three stainless indexes we follow moving higher – again lower than they ended July however. The Wyloo – BHP bidding war in Australia for Canadian Noront Resources continues. Lot of port bottleneck news under ‘Other News’ below. And finally, we can’t help take a swipe at the Chinese nickel workers in Indonesia, who we haven’t heard from since they were the first large group of foreigners we recorded that were quarantined early in the covid crisis. The leading theory for the origination of the pandemic is the Wuhan food mart, where Chinese shoppers could buy just about any live animal, diseased or not. The Chinese really need to get over their need to eat any animal, including those that foreign countries recognize as endangered. The rest of the world would appreciate it, as we are tired of seeing our neighbors die because someone in Wuhan decided to try wild bat soup. Last day of August and the unofficial end of summer in the Northern Hemisphere. Stay safe out there and have a great day! - Average price of LME traded cash nickel so far this month – $8.68/lb
- LME nickel chart – here / Euro/US Dollar chart – here
 Reports
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 Why Stainless Steel
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Taiwan’s Yusco raises export stainless steel prices for Sep – Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced its new prices for September today (August 30). – more
Shanghai stainless steel rises on nickel boost, output curbs – Chinese stainless steel futures jumped more than 4% on Tuesday, backed by strong nickel prices and supply concerns amid controls on high energy-consuming projects in some regions that had failed energy targets in the first half. – more
Wyloo hikes bid for Ring of Fire explorer Noront Resources, trumps BHP offer – Wyloo Metals Pty Ltd. is increasing its bid for Noront Resources Ltd., trumping BHP’s current offer, and proposing an arrangement that would see the Ring of Fire exploration company remain as a publicly traded entity. – more
POSCO Starts High-purity Nickel Production for Secondary Batteries – New high purity nickel factory in Gwangyang to produce 20 thousand tons per year to secure supply for cathode materials necessary for the high-capacity batteries, capable for 500 thousand electric Motor Vehicles – more
DoF still pushing through with mines privatization – The government is still proceeding with a plan to privatize state-owned mines, with Basay Mining Corp. being the first in line, as it looks for new sources of revenues amid the prolonged pandemic, Finance Secretary Carlos G. Dominguez III said. – more
- Gov’t unveils move to sell Basay Mining – more
Courtesy AISI – In the week ending on August 28, 2021, domestic raw steel production was 1,873,000 net tons while the capability utilization rate was 84.9 percent. Production was 1,476,000 net tons in the week ending August 28, 2020 while the capability utilization then was 65.9 percent. The current week production represents a 26.9 percent increase from the same period in the previous year. – more
No charges for Chinese nickel smelter workers who made croc soup out of protected reptile (Video) – It seems viral footage depicting Chinese workers skinning a wild crocodile and cooking its meat in soup is not sufficient evidence to charge them for the killing of the protected animal. – more
Other News
- Reuters The Day Ahead – pdf here
- U.S. Port Problems Reach Worst of Pandemic Amid Crush of Imports – more
- White House appoints ‘port envoy’ to tackle congestion, bottlenecks – more
- 5 years of supply chain disruptions and the lessons learned – more
- One Stuck Box of Fertilizer Shows the Global Supply Chain Crisis – more
- Hospitals in U.S. South Run Low on Oxygen Amid Covid, Storm – more
- Stocks, U.S. Equity Futures Climb; Dollar Declines: Markets Wrap – more
Morning Stats and Prices
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