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

  Daily Nickel/Stainless Steel Briefing 

  • Nickel closed Tuesday’s trading session at

    $8.15/lb

    ($17,975/tonne). Indicators at 5:40 am CST today show nickel trading around $.09/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 85,700 tonne level. Shanghai nickel rose slightly to 139,770 y/t overnight. While we are not allowed to post the official closing price, the formula we use put nickel closing below the $18,000 tonne level last night for the first time since mid-April. It remains below that level in this morning’s trading, even though the Euro has recovered slightly. The bulls are looking for a reason to bounce so we could see choppy waters ahead. Stay safe out there and have a great hump day!

  • Average price of LME traded cash nickel so far this month – $8.30/lb

  Reports

  • Reuters metals morning – Base metals fall as yuan weakens, LME aluminium discount widens – more
  • Refinitiv Inside Commodities – pdf here
  • SMM Daily Comments – more
  • ING The Commodities Feed – daily here
  • U.S. Stainless Steel Scrap Prices  – more
  • Minerals & Energy Outlook: June 2024 – more

   Shanghai Metals Market

  • SHFE Stainless Steel  Futures (yuan) – more
  • SHFE Nickel Futures (yuan) – more
  • SHFE Inventory

    (updated each Friday)

    – more

  • Shanghai Jinchuan nickel price –  here

  London Metals Market

  • Yesterday’s LME official prices here
  • LME nickel chart – here 

    China’s stainless steel production cost forecasted to rise in Jun – In May, China’s futures prices of stainless steel continued to climb while spot prices remained relatively stable. – more

    Tsingshan plans another 50,000 T nickel LME listing this year, company says – China’s Tsingshan, the world’s biggest nickel producer, is planning to register 50,000 metric tons capacity of nickel cathode … – more

    New Caledonia: after Macron’s dissolution, what happens to the controversial constitutional amendment? – French President Emmanuel Macron’s surprise dissolution of the National Assembly and call for snap… – more

    Proposed EU steel import quotas change market dynamics – Steel price rises and a search for new suppliers have already begun following the European Commission’s announcement of proposed changes to …. – more

    US issues final results of AD review on welded stainless pressure pipe from India – The US Department of Commerce (DOC) has announced the final results of its administrative review of the antidumping (AD) … – more

    Stainless Steel Plate in Coils From Belgium: Preliminary Results …; 2022-2023 – The U.S. Department of Commerce (Commerce) preliminarily finds that Aperam Steel Belgium N.V. (ASB) made sales of stainless … – more

    Courtesy AISI – In the week ending on June 8, 2024, domestic raw steel production was 1,716,000 net tons while the capability utilization rate was 77.3 percent. Production was 1,738,000 net tons in the week ending June 8, 2023 while the capability utilization then was 77.3 percent. – more

   Other News

  • EU sets duties on Chinese electric vehicles of up to 38% – more
  • Texas trucker gets 7 years in prison for role in migrant smuggling – more

  Economic Stats and Prices (posted in Friday edition)

Why Stainless Steel

  • Alloyed for Lasting Value video – here
  • Self Repairing for Lasting Value video – here
  • 100 Years of Stainless Steel Video – here
  • Stainless steel: The role of nickel – here
  • The Life of Nickel – pdf here
  • The Journey of Nickel – video here
  •   Слава Україні! – more
  • Market Briefing – Commodity Prices – pdf here
  • ImportYeti (free) – search here
  • 5 Things You Need to Know about Class 1 & 2 and Intermediate Nickel (Transcript) – more