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

  Daily Nickel/Stainless Steel Briefing (7:00 AM CST is 12 PM in London)

  • Nickel closed Monday’s trading session at

    $7.43/lb

       ($16,380/tonne). Indicators at 6:15 am CST today show nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose slightly yesterday and started today’s session just under the 69,500 tonne level. Look to $7.28.lb as major support, that being the low nickel hit on the 22nd of October. That is the lowest nickel has traded at since it “peaked” on September 2nd, after a bullish run that started the final days of 2018.  So far, 2019 has been a story of quarters. Quarter one was bullish, followed by a bearish quarter 2. Quarter 3 was super bullish, and quarter 4 has leaned bearish so far. Word coming from Indonesia that authorities there have started to release ore shipments after they are inspected. This on again, off again, export ban has apparently turned out to be nothing more than all exports were temporarily halted until they are checked for proper paperwork, in an effort to stifle illegal export shipments. Shippers were anxious the shipments were released quickly before a permanent ban is set to begin in eight weeks. Another busy day on the news front so we leave you with them.

  • Average price of LME traded cash nickel so far this month – $7.56/lb
  • Average price of LME traded nickel in first half of 2019 – $5.59/lb / 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb /

  Reports

  • Reuters metals morning – LME copper set for 3rd straight daily gain on supply worries – more
  • Reuters Daily Inside Metals – pdf here  
  • SMM Evening Comments – more
  • Reuters The Day Ahead – pdf here

  Commodity/Economic Comments

  • China Stainless Steel Scrap Market News / Price – more
  • Scotiabank Reports – more
  • Baltic Dry Index – (chart)
  • Stainless steel: The role of nickel – here
  • Alloyed for Lasting Value video – here
  • Self Repairing for Lasting Value video – here
  • Corkscrew design pushes architectural boundaries – more
  • Revenge Of The Steel Maker; China’s Internal Tariff War Turns Nasty – more
  • China Wants U.S. to Drop Tariffs on $360 Billion of Imports for Trade Deal – more
  • U.S. Futures Gain With Stocks; Treasuries Retreat: Markets Wrap – more

     Monday’s market review – Copper firms on hopes for trade deal, China data – Copper prices extended gains on Monday, boosted by hopes of a resolution to the protracted trade conflict between the United States and China. – more

      Taiwan’s stainless steel HRC imports increase dramatically in Sep – According to the Taiwanese customs statistics, the total imported stainless steel hot-rolled coil (HRC) in September of Taiwan was about 137,000 tons, increasing by 64.17% month on month, and 140% year on year. – more

      China’s Jinchuan confident it can fill Indonesia nickel ore void – China’s top nickel producer Jinchuan Group will feel some impact from Indonesia’s ban on ore exports from 2020, but will be able to plug the supply gap, partly by using its own mines, a company executive said on Tuesday.  – more

      Japan’s stainless steel imports & exports both decline in H1, 2019 – According to the official report from Japan, the total imports of stainless steel products to Japan in the first half of this year was about 116,000 tons, decreased by 17.2% year on year. – more

      Sherritt lowers Ni, Co output expectations: Correction – Nickel and cobalt producer Sherritt reduced its 2019 production guidance from its Ambatovy joint venture in Madagascar because of operating setbacks in the third quarter. – more

      EU argues case against Trump’s metal tariffs at WTO – The European Union argued on Monday for the withdrawal of tariffs imposed by U.S. President Donald Trump on metal imports in one of the most high-profile and potentially explosive cases to come to the World Trade Organization (WTO). – more

      China’s GEM eyes nickel, cobalt output from Indonesia by August 2020 – Chinese battery firm GEM Co Ltd expects to start trial production at its Indonesian nickel and cobalt plant in August 2020, with the first phase of operations up and running by the end of the year, its president said on Tuesday. – more

      Courtesy AISI – In the week ending on November 2, 2019, domestic raw steel production was 1,888,000 net tons while the capability utilization rate was 81.6 percent. Production was 1,887,000 net tons in the week ending November 2, 2018 while the capability utilization then was 80.5 percent. The current week production represents a 0.1 percent increase from the same period in the previous year. Production for the week ending November 2, 2019 is up 1.2 percent from the previous week ending October 26, 2019 when production was 1,866,000 net tons and the rate of capability utilization was 80.7 percent. – more

      Vale CEO dismissed warning before deadly Brazil dam disaster – Vale SA’s top managers received an anonymous email warning about the state of the miner’s dams two weeks before a deadly disaster, a note that prompted the chief executive to pursue the writer’s identity and call the person a “cancer,” a police document shows. – 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
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