Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Thursday’s trading session at
$8.72/lb
($19,225/tonne). Indicators at 7:00 am CST today show nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started today’s session just under the 137,200 tonne level. Lot of news today, mostly about, or from, China. Nothing earth shattering, but a lot of statistics for those of you who like to crunch the numbers. For those who do not, the main number published is stainless steel production in China is up over 8.6% for the first nine months of 2021, compared to the same period of 2020. Consumption in that country is up over 10%, helping explain where the rising imports from Indonesia are going. We leave you with the news below. Stay safe out there and have a relaxing and enjoyable weekend! - Average price of LME traded cash nickel so far this month – $8.94/lb
- LME nickel chart – here / Euro/US Dollar chart – here
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Reports
Why Stainless Steel
Thursday’s market review – Aluminium prices plunge as China ramps up coal production – Aluminium prices fell sharply on Thursday as China said its coal output had shot up and would continue to rise, helping to ease a power crisis that has forced smelters to reduce production. – more
SunSirs: On the 3rd, the Power Limit Was Relaxed, and the Price of Stainless Steel Fell Slightly – According to the price monitoring of SunSirs, on the 3rd, the price of stainless steel was currently quoted at 20,733.33 RMB/ton, down 2.51% from the previous trading day and up 43.38% from the beginning of the year. – more
EU stainless steel buyers concerned about tight supply – Scarcity of material and high prices will remain key features of the European stainless steel market, in the last few months of 2021. – more
Shanghai stainless steel futures fall on prospects of higher output – Chinese stainless steel futures fell more than 2% on Thursday as traders anticipated higher production this month after some key producing regions relaxed power curbs. – more
China’s crude stainless steel output rises in Jan-Sep y-o-y – According to statistics from the Stainless Steel Branch of China Special Steel Enterprises Association, China’s crude stainless steel production totaled around 23.83 million tons in the first nine months of this year, rising by 8.64% compared to the same period a year ago. – more
Rosstat: Russia’s stainless production rises Sep y-o-y – According to statistics from the Russian Federal State Statistics Service (Rosstat), Russia’s stainless steel production totaled around 20,700 tons in September, rising by 34.1% compared to the same month a year ago. – more
China Weekly Inventory Summary and Data Wrap – This is a roundup of China’s metals weekly inventory as of November 5. – more
Iron Ore Back Below $100 as China’s Steel Curbs Roil Market – Iron ore futures traded back below $100 a ton on shrinking steel output in China and signs economic growth is facing mounting headwinds. – more
China Ferromolydenum Output Dropped 410 mt MoM in October, Likely to Decline Further in November – The domestic ferromolybdenum output totalled about 13,950 mt in October, down 410 mt or 2.86% on the month. – more
Nickel Asia profit jumps 168% – (excerpt) During the period, Nickel Asia sold a total of 14.4 million wet metric tons (WMT) of nickel ore at the weighted average realized price of $27.96 per WMT, as against 14.0 million WMT at $20.10 per WMT in January-September 2020. – more
Standing issues predominate at Minnesota mine hearing – A challenge of an environmental rule that allows for mining near Minnesota’s Boundary Waters Wilderness brought the focus in on the state’s Environmental Rights Act. – more
Mazda, Tesla, and Jeep Have Re-Written the Rule Book In the U.S. Auto Industry – Mazda, Jeep, and Tesla have upended what we call luxury, premium, and performance. It’s time for shoppers and the automotive media to take notice. – more
Labor-law attorneys suggest employers should prep for compliance with OSHA vaccine, testing mandates – Although legal challenges already emerged against an OSHA rule requiring large employers to either mandate Covid-19 vaccines for employees or test employees weekly, labor-law attorneys recommend employers prepare to implement the policy. – more
Other News
- Reuters The Day Ahead – pdf here
- Fastenal’s October Shows Core Demand Continues to Accelerate – more
- Pfizer Develops Covid Pill That Cuts Hospitalizations and Deaths by 89% – more
- Stocks, Dollar Rise as Focus Turns to Jobs Data: Markets Wrap – more
Morning Stats and Prices
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