Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$7.20/lb
($15,880/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and started today’s session just over the 71,800 tonne level. Shanghai nickel rose to 124,960 y/t overnight. Nickel is back trading under the $16,000 tonne level, and bulls are trying desperately to get back to that level. The Pentagon announced it will use AI to predict commodity prices, particularly critical minerals. We say good luck with that. Now you can blame the computer instead of the analyst. Thyssenkrupp believes the cost of green steel will run higher than what they call gray steel, until sometime in the 2030’s. Those stories and more below. Stay safe out there and have a great Tuesday! - Average price of LME traded cash nickel so far this month – $7.24/lb
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Reports
Shanghai Metals Market
Nickel extends slump on Indonesian glut as metals hit by Fed – Nickel extended a year-long slump as rising Indonesian supplies help create a glut, while other base metals declined on reduced bets … – more
Pentagon looks to AI to predict prices of critical minerals for weapons – The Pentagon’s latest AI program will monitor critical minerals’ availability for arms manufacturing and the energy transition. … – more
Nickel and lithium prices plunge as Chinese EV demand loses steam – The prices of lithium and nickel, key materials used in electric vehicle batteries, have nose-dived due to a sharp slowdown in growing …. – more
Steel makers fear exports to be hit if the crisis lingers – India’s steel exports are expected to decrease to 5-7 million tonnes in this fiscal year, influenced by subdued global demand and prices, the data stated. – more
South Korea ends AD duties on Japan’s stainless steel plates – According to a notice from South Korea’s Ministry of Economy and Finance on February 5, 2024, the country decided to end the imposition … – more
Price gap of ‘green’ and ‘gray’ steel to close steadily until mid-2030s: Thyssenkrupp – Prices of reduced carbon emission steel and conventional steel will continuously align until the 2030s, Thyssenkrupp ….- more
Courtesy AISI – In the week ending on February 3, 2024, domestic raw steel production was 1,702,000 net tons while the capability utilization rate was 76.6 percent. Production was 1,741,000 net tons in the week ending February 3, 2023 while the capability utilization then was 77.9 percent.
Other News
- World celebrates the Year of Dragon, gaining better understanding of Chinese culture – more
- Stronger-than-expected employment growth in 2023 was even stronger than it seemed – more
- Italy’s farmers head to Rome in tractor convoy as European anger spreads – more
- Vietnam pushes US to grant it ‘market economy’ status – more
- South Africa’s mining industry now 39% black-owned, Mining Indaba hears – more
- Iran, Russia, China plan joint naval drill to bolster regional security – more
- BHP awards 26 scholarships to Saskatchewan students – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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