Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$9.88/lb
($21,785/tonne). Indicators at 6:00 am CST today show nickel trading around $.35/lb 
higher. Stockpiles of nickel store din LME approved warehouses fell on Monday and ended the month of October just over the 52,000 tonne level. Nickel is trading much higher this morning, following Shanghai’s lead. Yesterday Shanghai nickel was down 3%, but LME paid little attention. Overnight Shanghai was trading over 4% higher, and LME bulls have decided to dance today. Yesterday we posted an article about Indonesia inviting Saudi Arabia to invest in nickel mining there, and today we carry a story about Saudi Arabia inviting Australia to invest in mining in that country. PMI numbers are out for October and so far, few that have been reported, are promising. US numbers are out later this morning. The story we posted yesterday about a potential ‘nickel cartel’ has exploded across the metals media, and would have made an interesting topic during LMEWeek had it been public then. It’s the first day of the eleventh month of the twenty second year of the twenty third century. And it;s the unofficial beginning of the Christmas holiday season – although that seems to have started in August this year. We hope its a safe and successful day, month, season, and year for you. - Average price of LME traded cash nickel so far this month – $9.95/lb (average September)
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Reports
Monday’s market review – Copper falls on growing fears over Chinese demand – Copper prices fell on Monday as rising COVID-19 cases and weaker-than-expected manufacturing data in top consumer China raised concerns over demand weakness. – more
Stainless resale values struggle to surpass mill prices – Stainless steel buying activity, in Europe, was weaker than anticipated, in October. Many market participants reported a slight improvement, month-on-month. – more
Purchasing Prices of Ferrochrome Rose and Ferrochrome Plants were More Willing to Resume the Production – On November 1, the high-carbon ferrochrome in Inner Mongolia was quoted at 8,500-8,700 yuan/mt (Cr50%) today, flat from the previous trading day. – more
Never mind the Saudis: Here’s a new OPEC for EV battery metals – Indonesia is looking to use its position as the nickel capital of the world to set up a cartel with other like-minded mining empires, similar to the way OPEC joins forces to control the global crude oil market. – more
EV battery production faces supply chain, geopolitical headwinds – report – A fragile supply chain marred by geopolitical tensions could hit the planned expansion of electric vehicle (EV) battery production, slowing EV adoption, S&P Global Mobility warned in a report on Monday. – more
Courtesy AISI – In the week ending on October 29, 2022, domestic raw steel production was 1,663,000 net tons while the capability utilization rate was 74.5 percent. Production was 1,836,000 net tons in the week ending October 29, 2021 while the capability utilization then was 83.2 percent. – more
Saudi Arabia Courts Australian Miners for $170 Billion Plan – Saudi Arabia is seeking investment from Australian miners to support its $170-billion plan to build a mining industry and diversify its oil-dependent economy this decade. – more
Other News
- Reuters The Day Ahead – pdf here
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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Слава Україні! – more