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

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Thursday, May 26

  Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)

• Three month nickel closed Wednesday’s trading session at $3.79/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just under the 400,900 tonne level. Nickel appears to be getting a small boost from a weaker Dollar this morning, but considering the size of the jump in the Euro so fat today, their is little enthusiasm being shown for nickel. US markets are closed on Monday for Memorial Day and our next update will be Wednesday, June 1st.
• Average price of cash nickel so far this month – $3.96/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper’s rally to 2-week high may fade on poor demand outlook – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Robin Bhar, head of metals research at Societe Generale in London – “Developments on the supply-side also suggest caution and a less bullish view towards nickel…. A singular lack of any significant production cuts/closures outside of China’s nickel pig iron (NPI) sector has not helped matters, while reported and unreported inventories are said to be still substantial.”
• Oil’s Revival to $50 a Barrel Boosts Producers as Dollar Drops – more

    INSG Anticipates Demand & Supply for Ni in 2016 to Be Improved = Supply is anticipated to be less than consumption due to continuing production curtailment = The regular meeting of International Nickel Study Group (INSG) was held during 25th to 26th of April in Lisbon, Portugal.- more

    U.S. levies hefty duties on Chinese corrosion-resistant steel – Corrosion-resistant steel from China will face final U.S. anti-dumping and anti-subsidy duties of up to 450 percent under the U.S. Commerce Department’s latest clampdown on a glut of steel imports, the agency said on Wednesday. – more

• Why you shouldn’t complain about China ‘steel dumping’ and make friends instead – more

    Once Bullish, Miners Turn Bearish on Metals Prices – The rally in the price of metals is over and few see it coming back soon, including the miners themselves. – more

    Government prepares for controlled shut-down of Talvivaara – The Finnish Government has determined that the best way to mitigate the risks related to Talvivaara is to begin preparing for the controlled shut-down of the state-owned, cash-strapped nickel mine in Sotkamo, Olli Rehn (Centre), the Minister of Economic Affairs, revealed in a press conference on Wednesday. – more

    Palmer’s ultimatum on Yabulu’s future – Clive Palmer has tried holding Townsville voters to ransom, warning the fate of the Yabulu refinery could depend on his nephew’s performance at the federal election. – more

    Steel Imports Into the US Down in April; Chinese Nickel Imports Up – Steel imports into the U.S. were down in April and, if the numbers are able to be believed, China is importing more nickel ore than ever before. – 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 25

• Three month nickel closed Tuesday’s trading session at $3.81/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 401,900 tonne level. Nickel opened higher this morning but the US Dollar strengthening is putting too much negative pressure on all base metals trading, and nickel is currently at a session low.
• Average price of cash nickel so far this month – $3.98/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper up on bright U.S. housing data, defies dollar strength – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• El Niño ends as tropical Pacific Ocean returns to neutral – more
• Stocks Rally With Oil as Don’t Fear the Fed Is New Market Mantra – more

    China’s nickel imports still flattering to deceive: Andy Home – China is importing more nickel than ever before. Headline imports of refined metal hit a new all-time record high of 49,012 tonnes in April. – more

    Production of SUS Products in February 2016 Is 234,331 Tons = Down by 1% from prior month, but production of Cr-Mn-type SUS products is at high level = The Ministry of Economy, Trade and Industry announced the production volume of stainless steel products (hot-rolled products) in February 2016 was 234,331 tons, which was down by 1.1% from the prior month but up by 1.2% from the year-earlier month. – more

    European stainless steel alloy surcharges to rise in June – Monthly alloy surcharges on austenitic grades of stainless steel flat-rolled products in Europe are set to rise in June, mill announcements indicated. – more

    Writ of Kalikasan filed vs mining firms, Zambales, DENR officials – CCOS chairman Dr. Ben Molino and his co-petitioners say the continued mining operations in Sta. Cruz, Zambales violate RA 7942, otherwise known as the Mining Act of 1995, and its implementing rules and regulations – more

    Singapore’s exports down 9% on-year in Q1 2016 – The contraction was driven by a decrease in both electronic and non-electronic exports, trade agency IE Singapore says. – more

    Courtesy AISI – In the week ending May 21, 2016, domestic raw steel production was 1,756,000 net tons while the capability utilization rate was 75.1 percent. Production was 1,704,000 net tons in the week ending May 21, 2015 while the capability utilization then was 72.1 percent. The current week production represents a 3.1 percent increase from the same period in the previous year. Production for the week ending May 21, 2016 is up 1.7 percent from the previous week ending May 14, 2016 when production was 1,727,000 net tons and the rate of capability utilization was 73.9 percent. – source

  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 24

• Three month nickel closed Monday’s trading session at $3.78/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses  fell on Monday and now totals just over the 402,500 tonne level. Stockpiles numbers continue to fall and look to fall below the 400,000 tonne level before the end of the month. That will mean absolutely nothing but psychologically, it will give hope that demand is exceeding supply. Nickel traded at a seven week low earlier i today’s session, and is currently trading slightly higher.  
• Average price of cash nickel so far this month – $3.99/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper hangs near three-month lows as dollar holds strong – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Neo wave chart of the day: Nickel – more
• ‘Massive Bailout’ Needed in China, Banking Analyst Chu Says – more
• Dollar Rally Gathers Pace, Commodities Drop on Fed; Pound Jumps – more

    BHP breathes life into Nickel West – A reinvigorated, low-cost Nickel West will be the heart of WA’s nickel industry for decades to come, according to asset president Eddie Haegel, as BHP Billiton flags investment aimed at extending the ageing operation’s life until at least 2032. – more

    Colombia coal, nickel output drop in first quarter – Colombian output of nickel and coal fell in the first quarter, while gold, silver and platinum production rose, the government said Monday. – more

    South Korea’s Import & Export Trends of Main Ferroalloys in April 2016 = Import is up by 17% from prior month, and export is down by 19% = South Korea’s foreign trade statistics shows the import volume of main ferroalloys in April 2016 was 102,183 tons, up by 17.2% from the prior month and the export volume was 26,139 tons, down by 18.9% ditto. The import details of main ferroalloys are as shown in Table 1 and the export details in Table 2 respectively. – more

    Big banks’ first-quarter commodities revenue drops 40 pct – report – Commodities-related revenue at the 12 biggest investment banks tumbled 40 percent in the first three months of the year as lenders cut exposure to the oil and industrial metals sectors, a consultancy said on Tuesday. – 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 23

• Three month nickel closed Friday’s trading session at $3.86/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME approved warehouses fell sharply on Thursday and Friday and start the week just under the 402,900 tonne level. Base metals are down sharply this morning.
• Average price of cash nickel so far this month – $4.00/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper slides as U.S. rate rises come into view – more

  Reports

• Reuters Metals Insider – not posted today
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• (Tweet) China April refined nickel imports up 168.8% y/y at 49,012 tonnes
• (Reuters) A global nickel market deficit widened to 8,200 tonnes in March from a month earlier, led by a surge in demand from China, International Nickel Study Group figures showed.
• Global stocks see-saw, yields slip as investors get week off to cautious start – more

    New Caledonia nickel sector ‘fragile’ – New Caledonia’s nickel industry has been found to be in a fragile position as large stocks are likely to prolong a recent sharp drop in the price of the metal. – more

    Too costly to shut: Mine sales stumble on looming clean-ups – Major miners are trying to avoid hundreds of millions of dollars in closure costs by selling off pits, as cash is tight due to a prolonged commodities price slump, but the crippling cost of environmental rehabilitation makes it tough to seal deals.- more

    PH metal production drops as world ore prices decrease – The country’s metal production dropped by 23% to P108.21 billion last year – an exact reversal of the growth enjoyed in 2014 – dragged by the downward trend in world ore prices. – more

    Clive Palmer stepping away from Australian politics – Flamboyant Australian businessman turned political figure Clive Palmer has given up on political life after announcing he won’t run for a senate seat at the upcoming election. – more

    Chinese commodity futures just got crushed – Chinese bulk commodity futures endured another bloodbath on Monday, recording falls of 5% or more. – more

    State finds nickel in air near Precision Castparts above health benchmarks – State regulators have found three cancer-causing heavy metals at levels above state health benchmarks near Precision Castparts, a manufacturing plant in Southeast Portland. None pose any immediate health risks, regulators said. – 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 19

• Three month nickel closed Wednesday’s trading session at $3.92/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Wednesday and now total just over the 405,650 tonne level. After trading at its highest in many months just a few weeks ago, nickel is now trading at its lowest in a month. The US Dollar continues to trade higher against the Euro, which adds negative pressure on commodity trading. The Euro peaked earlier this month and has been losing ground against the Dollar ever since. Compare a five year Euro/Dollar trading chart to a LME nickel chart and you will see why it matters. This is our last update for the week so we wish each of you a safe and relaxing weekend.
• Average price of cash nickel so far this month – $4.03/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – London copper hangs at three-month low on dollar pressure – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Retreat to Six-Week Low as Fed Dents Bonds, Commodities – more

     Something Happens in Asian Market of Austenitic Stainless Sheets = The market prices have soared = Something has happened in the Asian market of austenitic stainless steel sheets. In the past, prices had continuously dropped due to oversupply. – more

    New Caledonia reports minor acid leak at Vale nickel operations – Brazilian miner Vale has had a minor acid leak at its Goro nickel operations in New Caledonia, the government of the French Pacific territory said, two years after a large chemical discharge at the same site sparked violent protests. – more

    Nothing to fear from special liquidator: Clive Palmer – Clive Palmer says he’s got nothing to fear from the Federal Court’s appointment of a rare special purpose liquidator to investigate his companies’ dealings over Queensland Nickel. – 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 18

• Three month nickel closed Tuesday’s trading session at $3.99/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just over the 404,150 tonne level. If nickel stockpiles continue to fall at half the rate they have the last four days, we will see LME stockpile numbers fall below 400,000 tonne for the first time since November 2014. US Dollar is trading higher today, and putting negative pressure on base metals. Nickel had finally moved above the 100 moving day average yesterday, but is back below that level this morning.
• Average price of cash nickel so far this month – $4.04/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper drops to three-month low, hit by stronger dollar – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Dollar Strengthens as Emerging Markets Slide on Fed; Gold Drops – more

      Faced with falling volumes, what price liquidity for the LME? Andy Home – Why are trading volumes falling on the London Metal Exchange? The dominant global arena for trading industrial metals saw activity decline by 4.3 percent last year, the first annual contraction since 2009. – more

    Ni SUS Scrap Purchase Price in May in Kanto around JPY110,000 = Price cut was announced at end of last month, which however does not prevail = In the middle of May after the consecutive holidays were over, the stainless steel mills in the Kanto area offer the purchase price (delivered at plant) of nickel-containing stainless steel scrap (SABOT) at around JPY110,000 per ton. (Hereinafter, the price is per ton.)  – more

    ‘World will never be the same’ warns Norilsk Nickel chief – The mining industry needs to get used to a “new reality” as low prices and volatility are likely to persist this year, Sergey Dyachenko chief operating officer of Russian miner Norilsk Nickel says. – more

• Norilsk Nickel Urges Output Cuts From Other Miners –Update  – more

    South African miners to bleed jobs in Zimbabwe – South African and other mining groups in Zimbabwe will lay off employees to rationalise costs in the next few months, despite platinum, gold and nickel registering growth during the first quarter of the current year. – more

    Clive Palmer’s Queensland Nickel to be investigated by special purpose liquidator, court rules – A special purpose liquidator has been brought in to claw back tens of millions owed to the Federal Government by Clive Palmer’s Queensland Nickel. – more

    China accuses U.S. of ‘unfair methods’ in steel dumping probe – The United States has employed “unfair methods” during an anti-dumping investigation into Chinese cold-rolled steel products and should rectify its mistakes as soon as possible, China’s commerce ministry said on Wednesday. – more

• Why you shouldn’t complain about China ‘steel dumping’ and make friends instead – 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 17

• Three month nickel closed Monday’s trading session at $3.96/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stocked in LME licensed warehouses fell on Monday and now totals just over the 405,850 tonne level. The market continues to lick its wounds after getting caught up in the recent China speculation boom and bust, with prices now hovering around the 100 day moving average.  
• Average price of cash nickel so far this month – $4.05/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper slips on renewed China worries; firmer oil limits losses – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• European Stocks Advance, Yen Weakens; Pound Gains on Brexit Poll – more

    Clive Palmer to sue Queensland Nickel administrators FTI Consulting for $1.2 billion – Businessman and retiring federal MP Clive Palmer will sue the administrators of his beleaguered Queensland Nickel refinery in Townsville for $1.2 billion. – more

    China iron ore, steel recover but sector prospects murky – Steel and iron ore futures in China rose for the second day in a row on Tuesday, with the market rebounding after last week’s rout, but the outlook remains uncertain with underlying demand still weak. – more

    China Nickel Pig Iron price to drop this week – High-grade NPI prices in China’s domestic market are expected to fall this week, Shanghai Metals Market foresees. – more

    Norilsk Nickel to invest about $6 bln in development until 2018 – In 2010-2012, the company invested about $6.6 billion and in 2013-2015 the investment reached $4.9 billion – more

    Vietnam’s April steel imports surge 44% on year to 1.59 mil mt – Vietnam raised steel product imports by 44.3% year on year to 1.59 million mt in April, according to data released Friday by Vietnam Customs. – more

    Courtesy AISI – In the week ending May 14, 2016, domestic raw steel production was 1,727,000 net tons while the capability utilization rate was 73.9 percent. Production was 1,704,000 net tons in the week ending May 14, 2015 while the capability utilization then was 72.1 percent. The current week production represents a 1.3 percent increase from the same period in the previous year. Production for the week ending May 14, 2016 is down 1.2 percent from the previous week ending May 7, 2016 when production was 1,748,000 net tons and the rate of capability utilization was 74.7 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

Monday, May 16

• Three month nickel closed Friday’s trading session at $3.93/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME approved warehouses fell sharply on Thursday and Friday and start the week just over the 406,450 tonne level. Nickel is now trading around its 100 day moving average.
• Average price of cash nickel so far this month –
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – London copper edges higher from 2-1/2 month low after mixed China data – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Bull Market Losing Biggest Ally as Buybacks Fall Most Since 2009 – more

    China steel, iron ore correction may be nearly over: Russell – Commodity markets like to throw up little ironies, the latest being China’s steel futures having their worst week on record just as economic data came out that provided fundamental support for prices. – more

    LME Mo Price Marks New Record High of US$14,750/Ton for Year = Price returns to level in end of last June = LME molybdenum prices for both cash seller/settlement and 3-month seller rose to US$14,750 per ton (= US$6.69 per lb) on May 9, which marked a new record high for the year, and is the high price for the first time since the end of last June. (Hereinafter, the price is per ton). – more

    Finnish government plans $113 mln funding for nickel mine – sources – The Finnish government is planning to inject around 100 million euros ($113 million) into Terrafame Mining, the state-owned company that runs Talvivaara’s former nickel mine, but may eventually still have to close the operation, sources said. – more

    Norilsk Nickel updates on strategy – MMC Norilsk Nickel said in the period 2013-2015 significant progress was achieved in transforming the company into a world-class run organisation, having built an efficient business platform enabling full development of its best-in-class mining assets. – more

    Clive Palmer backs fed liquidators for QNI – Embattled Queensland businessman Clive Palmer has backed the federal government being appointed as a liquidator to his failed Queensland Nickel business, saying he doesn’t have confidence in the current liquidator, FTI Consulting. – 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 12

• Three month nickel closed Wednesday’s trading session at $4.03/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stocked in LME warehouses fell slightly on Wednesday and remain just over the 414,000 tonne level. Not much market related news today. The 30 day moving average is offering some resistance but the market sentiment appears to have returned to optimism, albeit with far more caution than prior weeks. This is our final update for the week so we hope each of you has a relaxing and safe weekend.  
• Average price of cash nickel so far this month – $4.09/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Zinc hits week high as stocks decline, market tightens – more

  Reports

• The Life of Nickel – pdf here
• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Advance With Crude on Oil Demand Forecast; Krone Surges – more
• China steel, iron ore slip deeper into bear territory as exchanges keep up pressure – more

    LME Q1 trading volume down 10% on year; quarter-end open interest down 5.5% – Total trading volume on the London Metal Exchange was 39.5 million lots in January-March this year, down 10% on the year, on an unfavorable global macro-economic environment and depressed commodity prices, parent company Hong Kong Exchanges and Clearing said Wednesday. – more

    LME Ni Average Price in April Up by 2% from Prior Month = Trend is upward due to speculators’ buying on margin, and month-end price is grossly up from beginning of month = LME monthly average nickel price in April 2016 was Cash seller: US$8,852.62 per ton (US$4.015 per lb) and 3-month seller: US$8,890.71 per ton (US$4.033 per lb). – more

    The Commodities Producer That Dodged a Bullet When China Slowed – As Mitsubishi Corp. becomes the latest player looking at quitting a major mining project in Indonesia, along with the likes of Newmont Corp. and BHP Billiton Ltd., it would seem the Southeast Asian nation’s economy is becoming another victim of the great commodity slump. – more

    Queensland Nickel: Sacked workers at Clive Palmer’s Townsville refinery start getting entitlements paid – It is finally payday for hundreds of sacked workers from Clive Palmer’s nickel refinery in north Queensland, with millions of dollars owed in entitlements being paid into bank accounts. – 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 11

• Three month nickel closed Tuesday’s trading session at $3.95/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just over the 414.000 tonne level. Traders appear to have plugged the hole in the boat and thanks to a stabilized Euro, appear to have bottomed out – at least for now. We are once again back to that technically irrelevant, but psychologically important, $4/lb level. The 100 day moving average has given the traded price of nickel the support it needed.
• Average price of cash nickel so far this month – $4.13/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – London copper near one-month trough amid China worries – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Japan’s Biggest Traders See No Commodities Recovery in Sight – more
• CHARTS: The May mining and metals meltdown – more

    Chinese Optimism For Steel And Iron Ore Evaporates In May – Most Chinese market participants believe steel prices will likely fall over the next month due to weaker domestic demand, according to the latest S&P Global Platts China Steel Sentiment Index, which showed a headline reading of 46.98 out of 100 points. – more

• From bull to bear market: China commodities shakeout hits investors, threatens mills – more
• Eastern China’s steel mills cut ferrous scrap buying prices again – more

    China demand uncertainty looms over steel prices: Irepas – Further steel production cuts could consolidate some of the price increases seen in recent months. However, questions over the sustainability of Chinese steel demand, as well as the impending month of Ramadan and slower summer season call for caution, according to International Rebar Exporters and Producers Association (Irepas). – more

• Industrial commodity prices headed lower, analysts say – more

    Taiwan’s Import of Major Ferroalloys in February 2016 Is 54,565 Tons = Down by 18% from prior month due to Chinese New Year Holidays = According to the import statistics of Taiwan, the import volume of major ferroalloys in February 2016 was 54,565 tons, down by 18.0% from 66,522 tons in the prior month. – more

    BHP Billiton joins Rio in shifting focus to growth – BHP Billiton has talked up its future growth options, joining fellow mining giant Rio Tinto in marking a shift in focus after four years of aggressive cost cutting. – more

    “Bored” Chinese Workers Created “Uncontrollable Bubble” In Commodity Futures – With the collapse of China’s smoke-and-mirrors commodity bubble comes the post-mortem as the horde of Chinese gamblers flood from one government-appointed market to another as the American dream of get-rich-quick schemes appears to have been adopted by the burgeoning middle classes now disillusioned with real work. – more

    Russian environmental watchdog predictably restores license to polluting factory – No sooner had chimneys pumping sulfur dioxide into Northwest Russian and Scandinavia been stifled last month than they were given permission Tuesday to carry on business as usual by Russia’s federal environmental oversight agency, Rosprirodnadzor. – 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 10

• Three month nickel closed Monday’s trading session at $3.90/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.02/lb higher, but struggling. Stockpiles of nickel stored in LME approved warehouses rose slightly on Monday and now total just over the 414,700 tonne level. Nickel fell sharply on Monday, closing below the $4/lb level for the first time since mid April. It is safe to say that April’s speculative bubble has burst, and unless the market is able to create another one quickly, any increase we saw in stainless steel prices from this round, could disappear quickly.  
• Average price of cash nickel so far this month – $4.17/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper mired at four-week lows, further losses seen – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• The World’s Most Extreme Speculative Mania Unravels in China – more
• China steel, iron ore futures dive as demand worries batter commodities – more

    Eramet agrees rescue plan for New Caledonia nickel business – The board of Eramet agreed on Monday to financing and cost-saving measures to help its SLM nickel business in New Caledonia survive a severe market downturn, supported by a loan from the French government. – more

    Export Volume of SUS Products in March 2016 Is 89,351 Tons = Up by 18% from prior month, and exports to all main destinations are up = The export result of stainless steel products in March 2016 which was compiled by the Japan Iron and Steel Federation based on the foreign trade statistics prepared by the Ministry of Finance was 89,351 tons, up by 18.1% from 75,645 tons in the prior month. – more

    US slaps preliminary import duty on Indian steel pipes – The US Commerce Department on Wednesday proposed preliminary duties on welded stainless pressure pipes imported from India stating the goods were being dumped in the US market at below market prices. – more

    Solomons to reallocate nickel prospecting license – The Solomon Islands government says it will soon seek expressions of interest for prospecting rights to high grade nickel deposits in Isabel Province. – more

    Courtesy AISI – In the week ending May 7, 2016, domestic raw steel production was 1,748,000 net tons while the capability utilization rate was 74.7 percent. Production was 1,704,000 net tons in the week ending May 7, 2015 while the capability utilization then was 72.1 percent. The current week production represents a 2.6 percent increase from the same period in the previous year. Production for the week ending May 7, 2016 is up 2.2 percent from the previous week ending April 30, 2016 when production was 1,711,000 net tons and the rate of capability utilization was 73.2 percent.

  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 9

• Three month nickel closed Friday’s trading session at $4.11/lb . Indicators at 5:45 am CST today show 3 month nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Friday after a slight gain on Thursday and start the week just under the 414,700 tonne level. Nickel is now not only trading below its 100 day moving average, but today has fallen below the 30 day moving average. China PMI numbers early last week were discouraging and the dice have been falling ever since. Import and export numbers out od China overnight are now compounding the rout.
• Average price of cash nickel so far this month – $4.22/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper hits one-month low on China data – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• European Stock Gains Defy China Data That Hurt Metals; Oil Rises – more

    Global Stainless Steel Production Falls in 2015 – Recovery Expected This Year – Worldwide crude stainless steel production in 2015 totalled just over 41.5 million tonnes. This represents a decrease of 0.3 percent, compared with the peak figure, achieved in the previous year. – more

    China steel, iron ore futures dive as demand worries batter commodities – Chinese commodities dived on Monday, led by 6 percent falls in steel and iron ore futures, as deepening worries about China’s demand extended a fortnight of sharp drops and false rebounds in the country’s market for industrial metals. – more

    New Caledonia’s SLN awaits Eramet response – The French mining conglomerate Eramet is today due to consider New Caledonia’s offer to help save the SLN nickel plant, which is the territory’s most important private sector employer. – more

    Mitsubishi to Sell Whole Shares in Weda Baby Nickel Project to Eramet – On April 25, Mitsubishi Corporation announced that it would sell a 30.0% shareholding owned by the Company in Strand Minerals Pte Ltd. to Eramet S.A. – more

    Forest Service plan would impede nickel mine – A plan to exclude mineral development on about 100,000 acres of federal land, to thwart a proposed nickel mine near the Kalmiopsis Wilderness, is nearing fruition. – 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 5

• Three month nickel closed Wednesday’s trading session at $4.28/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total over the 415,100 tonne level. Nickel is trading below its 200 day moving average this week/month and is threatening to slip below its 10 day moving average. The Euro continues to weaken and the economic news out of China continues to disappoint. This is our last update for the week, so we hope each of you have a safe and relaxing weekend.
• Average price of cash nickel so far this month – $4.30/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – London copper hits 2-week low as firm dollar sparks profit-taking – more

  Reports

• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China’s Great Commodity Bubble Loses Air Before It Can Burst – more

    Wednesday in review – Copper falls on stronger dollar, weak manufacturing – Copper prices fell on Wednesday on a stronger dollar and as weak manufacturing data, particularly from top consumer China, highlighted poor demand prospects. – more

    Tentative New Caledonia nickel rescue deal – New Caledonia’s provinces have given their conditional approval for taking a loan from the French state to help the territory’s biggest private sector employer, the SLN nickel company, restructure its operations. – more

     Vale: Crippling Debt But Modest Potential – Vale has had a difficult time recently watching its stock price take a significant hit since 2011. – more

    Clive Palmer clashes with Ewen Jones over Queensland Nickel during live press conference – An ugly spat between a federal Liberal National Party MP and Clive Palmer over his Queensland Nickel refinery has erupted on live television. – more

    Plan to exclude mining near Kalmiopsis moves forward – A plan to exclude mineral development on about 100,000 acres of federal land, to thwart a proposed nickel mine near the Kalmiopsis Wilderness, is nearing fruition. – 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 4

• Three month nickel closed Tuesday’s trading session at $4.32/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 416,450 tonne level. Considering China’s PMI number over the weekend was disappointing, and the US Dollar is recoverying from a 2016 low, nickel is holding its own very well today. Short term – watch the Dollar.
• Average price of cash nickel so far this month – $4.33/lb
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper falls on stronger dollar, weak manufacturing – more

  Reports

• Damstahl Stainless Steel Report – April 2016 – pdf here
• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• (ING) The International Nickel Study Group has projected a 49,000-tonne deficit in the nickel market in 2016, an increase from its October forecast of a 23,000-tonne deficit for this year.
• World stocks in retreat for second day on growth worries – more

    Tuesday in review – Copper slides as China data and higher dollar weigh – Copper fell on Tuesday as funds took profits and manufacturing data from China undermined confidence, but expectations of stronger demand in the top consumer helped support prices. – more

    Nickel Price Higher, But Market Needs More Cuts for True Price Recovery – Nickel prices ended fractionally higher on Tuesday, making it one of the only base metals that managed to finish the session on a positive note following renewed strength in the greenback and some disappointing economic data. – more

    In battle with speculators, China wins skirmish as commodities fall – Chinese regulators appear to have successfully popped a mini-bubble for now in steel and other commodity futures, scaring off speculators who piled in last month to drive steep gains in the prices of raw materials from coal to cotton. – more

    Palmer takes parting shot as he retires – Clive Palmer will not be seeking re-election for the parliament’s lower house. – 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 3

• Three month nickel closed Friday’s trading session at $4.28/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $..08/lb higher. Stockpiles of nickel store din LME approved warehouses rose slightly on Friday and now total just over the 417,500 tonne level. March is in the history books and it was kind to nickel investors, seeing its best gains since last April. Nickel prices ended up11% on the month. Friday’s close above the 200 moving day average sends a positive signal to the market, although the numbers coming out of China do not justify much of the speculation we saw at the end of April. The manufacturing PMI fell in China, the US and Japan, and increased slightly in Europe hinting demand for stainless steel and nickel has a way to go yet. LME nickel stockpiles fell 3.4% during April but still remain well above the 400,000 tonne level. .    
• Average price of cash nickel so far this month –
• Average price of LME traded nickel in 2014 – $7.65/lb / 2013 – $6.80/lb / avg 2012 – $7.95/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index) (live java chart)
• Reuters metals morning – Copper slides after China manufacturing data shows shrinkage – more

  Reports

• Nickel Magazine – April 2016 issue – online here
• Reuters Metals Insider – pdf here
• KBC Commodity Report – here
• Angel Metals Fundamental Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• European Debt Crisis Live – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Reuters Metals Insider May 2 – (Metals Poll) – pdf here
• Australia’s Central Bank Cuts Rates to Record Low – more

    How Shanghai trading is changing the physical nickel market – Andy Home – Everyone’s talking about Chinese speculators. This year has seen an unprecedented surge of trading volumes and open interest in Chinese markets as institutional and retail investors pour money into commodities. – more

    Russia’s Norilsk says Q1 nickel output down 6 pct y/y – Russia’s Norilsk Nickel said on Friday its first-quarter nickel output fell 6 percent year-on-year to 63,631 tonnes due to a reconfiguration of production facilities at its Polar assets. – more

    French PM commits 200 mln euros to support New Caledonia nickel producer – France will lend up to 200 million euros ($228 million) to support struggling New Caledonia nickel producer Societe Le Nickel (SLN), Prime Minister Manuel Valls said on Friday. – more

    Japan’s stainless steel exports rise sharply in March – Japan’s stainless steel exports during the month of March totaled 89,351 tons, rising sharply by 18.1% from the previous month. – more

    QNI workers join Labour Day March to slam Clive Palmer – Former Queensland Nickel workers joined yesterday’s Labour Day march in Townsville with messages slamming refinery owner Clive Palmer emblazoned on their uniforms. – more

    Courtesy AISI – In the week ending April 30, 2016, domestic raw steel production was 1,711,000 net tons while the capability utilization rate was 73.2 percent. Production was 1,649,000 net tons in the week ending April 30, 2015 while the capability utilization then was 69.8 percent. The current week production represents a 3.8 percent increase from the same period in the previous year. Production for the week ending April 30, 2016 is up 1.6 percent from the previous week ending April 23, 2016 when production was 1,684,000 net tons and the rate of capability utilization was 72.0 percent.

  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 2

    LME markets are closed today, with the first of May being a public holiday in much of the world. We will resume market updates tomorrow.

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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.