Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$10.73/lb
($23,650/tonne). Indicators at 6:00 am CST today show nickel trading around $.27/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell slightly on Monday and started today just over the 57,900 tonne level. In Shanghai overnight, stainless steel futures rose by 3% while nickel fell by 3%, an obvious disconnect. Markets around the world are wearily watching how China might react if US House Majority Leader Nancy Pelosi visits Taiwan. This political stunt proves nothing, and is just another example of us “poking the bear”. Our reaction to the Russian invasion of Ukraine has told the world how we will respond to expansion thru military aggression, so pretending to do otherwise, is wasting news print. Your author, having grown up with the Soviet Union daily threatening the free world with nuclear weapons, and daring the world to say ‘boo’, who now looks to Europe as this same threat with a new name, attacks a democratic neighbor, has to wonder when he missed the memo that suddenly made this country a non issue and the Chinese our new mortal enemy. Who has threatened us with a nuclear attack – recently? Who has aggressively attacked multiple neighbors – just in the 20th century? Can the same be said about the other? We think not. Here are your averages for July. compared with June. Nickel – $9.74/lb down from $11.71/lb; Chrome – $7.50/lb down from $8.63/lb; Molybdenum – $16.38/lb down from $17.69/lb. Stay safe out there and have a great Tuesday! - Average price of LME traded cash nickel so far this month – $10.90/lb
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Reports
Monday’s market review – Copper hits 4-week high but factory slowdown points to weak demand – Copper prices reached a four-week high on Monday, helped by a weaker dollar, but prices fell back later in the day as data revealed a global slowdown in manufacturing activity, a key source of metals demand. – more
China’s crude stainless steel output decreases in H1 y-o-y – According to statistics from the Stainless Steel Branch of China Special Steel Enterprises Association, China’s crude stainless steel output totaled around 16.35 million tons in the first half of this year, decreasing by 5.26% compared to the same period a year ago. – more
Indonesia’s stainless steel semi-finished products & plate exports slide in May m-o-m – According to statistics, Indonesia’s ferronickel exports totaled around 483,000 tons in May, up by 6.5% compared to the preceding month. The exports in the first five months of this year amounted to roughly 2.12 million tons. – more
Russia’s stainless steel imports down 24 percent in June from May – In June this year, Russia’s stainless steel imports totaled 28,950 mt, down 24.0 percent compared to May, according to Russia-based SpetsStal Association. – more
Not enough women: miners meet in Australia under a cloud after sexism report – top mining conference kicked off in West Australia this week with an address by global investor and economist Dambisa Moyo, the first woman to deliver the keynote in the forum’s three decade history. – more
Courtesy AISI – In the week ending on July 30, 2022, domestic raw steel production was 1,727,000 net tons while the capability utilization rate was 78.4 percent. Production was 1,862,000 net tons in the week ending July 30, 2021 while the capability utilization then was 84.4 percent. – more
Other News
- Reuters The Day Ahead – pdf here
Economic Stats and Prices (Friday edition)
Why Stainless Steel
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Слава Україні! – more