Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$8.17/lb
($18,015/tonne). Indicators at 5:55 am CST today show nickel trading around $.23/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses slipped by 1 lot yesterday and started today reading at the 131,850 tonne level. Shanghai nickel returned to trading overnight and rose to 133,020 y/t. We noticed in yesterday’s dip, while not nearly as sharp as the near free fall nickel took last Thursday, was rather bearish, considering there were few profits to be taken and other factors were not justifying a movement in either direction. There was a slight hint that the bullish run was in trouble. This morning, what was a slight hint, has become a glaring clue, with nickel down hard and once again, no external factors to justify a directional shift in either direction. We may have seen traders leave London last week in a bearish mood toward nickel, but waiting to see who would blink first in a rush south. Or it could be a bear trap – setting up the shorts for a loss. Time will tell which is true. Lots of news out there today so we leave you with it. Stay safe and have a great Tuesday! - Average price of LME traded cash nickel so far this month – $8.02/lb
|
|
|
Reports
Shanghai Metals Market
Monday’s market review –
Energy transition story rekindles fund interest in metals – The global energy transition was the dominant theme at this year’s London Metal Exchange (LME) Week, the annual gathering of the world’s metals … – more
- Copper demand for electric vehicles is intact, trader IXM says – more
Vietnam’s stainless steel exports under dual investigation – The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) …. – more
Report: Widespread corruption plagues Indonesia’s booming nickel industry – Indonesia’s booming nickel industry, which is fuelled by massive Chinese investments, is marred by widespread corruption and … – more
Monsters of Rock: Rumble in the jungle bad news for West African Resources – (excerpt) Fitch’s BMI analysts have scaled down their nickel price projection for 2024 from US$18,000/t to US$17,3000/t as the … – more
India’s Shyam Metalics and Energy starts stainless steel rebar production – Shyam Metalics and Energy Ltd. (SMEL), an Indian steel producer, has started its stainless steel rebar production, with products … – more
Hudbay Minerals settles civil lawsuits regarding former operations in Guatemala – Hudbay Minerals Inc. has reached settlement agreements covering three civil lawsuits in connection with the Fenix nickel project …. – more
Chinese mining giant invests US$3.6 billion in Beitbridge multi-faceted venture – Chinese mining giant, Shanxi is pouring US$3.6 billion into a Beitbridge venture which is transforming the transit town. – more
Indonesian miner Antam buys 30% stake in Tsingshan’s smelter – Indonesian state-controlled miner PT Aneka Tambang, opens new tab has acquired a 30% stake worth $102 million in a smelter owned by … – more
Courtesy AISI – In the week ending on October 5, 2024, domestic raw steel production was 1,606,000 net tons while the capability utilization rate was 72.3 percent. Production was 1,684,000 net tons in the week ending October 5, 2023, while the capability utilization then was 73.8 percent. – more
Other News
- Ports reopen as union warns on contract talks – more
- European Union votes to impose tariffs on China-made electric vehicles – more
- Interactive: Global oil flow tracker – more
- Monster hurricane Milton threatens an already battered Florida – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
|
|
Слава Україні! – more