Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$8.61/lb
($18,980/tonne). Indicators at 6:05 am CST today show nickel trading around $.09/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just under the 147,100 tonne level. Today is one of those days where we like to watch trading closely. Last night was the LME Week dinner and the next few days of trading can give us an idea of where the market may head the rest of the year. We say may because we have seen the market go one way for a few days, then suddenly turn and go the other way harder. So while some of the intelligence learned last night might be legit, other ‘rumors’ or ‘brags’ could have been more of a disinformation campaign meant to sucker a rival into making a move they would regret later. So, while we like to watch for clues, we take them with a grain of salt.Today the traders and analysts start heading home, and begin to seriously trade on what they have learned. After closing slightly lower last night, and back below the $19,000 tonne level, nickel is trading up over that level again this morning. Since bouncing last week, nickel appears to be slowly fading, with its highs not hitting as high as the prior peak. The bulls, as least for now, are leaning heavily on the $19,000 tonne level for support. Lots of news below so we leave you with it. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month –
- LME nickel chart – here / Euro/US Dollar chart – here
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Hot rocks – Geothermal and the role of nickel – more |
Reports
Why Stainless Steel
Tuesday’s market review – Copper falls as global energy crisis spooks markets – Copper prices fell on Tuesday as soaring energy costs raised concerns that the global economic recovery might be derailed, though signs that supplies of the metal are tightening limited losses. – more
- Nickel Down as Supply of Nickel Sulphate has been Sufficient, Weighing on Prices – more
SunSirs: Both Supply and Demand Were Weak, Stainless Steel Prices Fluctuated within a Narrow Range – According to the price monitoring of SunSirs, on the 11th, the stainless steel futures price dropped slightly. The spot price of stainless steel deviated from the futures price, rose slightly. – more
Stainless Steel Imports Jump in Turkey As Consumption Rises – Turkey imported 411,600 mt of stainless steel coil with widths above 600 mm in the first eight months of the year, higher than the 335,000 mt imported in the same period the previous year, as stainless steel consumption in the country rose notably with the easing of the pandemic, S&P Global Platts observed from the latest monthly Turkish Statistical Institute (TUIK) data. – more
India initiates first CVD sunset review on China’s stainless steel flat products – On October 8, 2021, the Ministry of Commerce and Industry of India announced to initiated the first sunset review investigation of countervailing duty (CVD) on certain hot-rolled and cold-rolled stainless steel flat products originating in or exported from China. – more
August Steel Shipments Up 28.7 Percent From Prior Year – The American Iron and Steel Institute (AISI) reported today that for the month of August 2021, U.S. steel mills shipped 8,404,858 net tons, a 28.7 percent increase from the 6,532,652 net tons shipped in August 2020. – more
LMEWEEK Miners disclose CO2 emissions on LME’s sustainability register – Nine metal producers including Antofagasta and Teck Resources have disclosed the carbon emissions from their metal producing operations on the London Metal Exchange’s newly launched digital register. – more
Europe’s carmakers face raw material bottleneck for EV batteries – Major carmakers like Volkswagen, Daimler and Stellantis have been racing to secure battery cell supplies in Europe, but may face a bigger challenge as they seek to go electric – finding enough battery raw materials. – more
New Caledonia’s Prony to supply nickel to Tesla in multi-year deal – Prony Resources said on Wednesday Tesla Inc had agreed to purchase around 42,000 tonnes of nickel in a multi-year deal – a pact that is set to make the New Caledonian miner a key supplier of the metal to the U.S. electric car maker. – more
- Tesla cofounder JB Straubel sends warning to automakers going all-electric: ‘Do the supply chain math’ – more
- Poseidon weighs battery feed – more
Metal Shipment Increases Continue at Reduced Levels – Increases in metal shipments continued to slow across the board, reaching more normal levels. Canadian steel shipments actually extended its slow decline. – more
Vietnam’s Factory Crisis Worsens as Migrant Workers Flee – Whether yoga pants and Air Jordans appear under Christmas trees in the U.S. and Europe may come down to Vietnamese assembly line workers like Le Thi My. – more
Other News
- Reuters The Day Ahead – pdf here
- Fastenal Posts Strong Q3 While Closing Another 63 Branches – more
- Rush of US imported goods expected but container rates may have peaked – more
- Stocks Bounce With Futures Before Inflation Data: Markets Wrap – more
Morning Stats and Prices
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