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

  Abbreviated Friday Nickel/Stainless Steel Briefing 

  • Nickel closed Thursday’s trading session at

    $6.25/lb

    ($13,775/tonne). Indicators at 6:05 am CST today show nickel trading around $.05/lb  higher. Stockpiles of nickel stored in LME licensed warehouse, for the first time in 2020, fell a few tonnes and started the day just over the 182,900 tonne level. Cancelled warrants are near the 33% level. Wow – what a busy Friday. China’s economic growth for 2019 was reported as 6.1%, its lowest this century, but within the 6 to 6.5% range the government targeted. Crude steel production in that country had another record breaking year, gaining 8.3% and totaling just shy of 1 billion tonnes. Below, you will find an article by former LME trader, now Reuters reporter, Andy Home on nickel. We also have a link for the seriously bored amongst you – the entire “phase one” agreement China and the U.S. just signed. We also post some EV sales news and finally, we look at the inspirational message about life and business, that can be found in last week’s Kansas City Chiefs victory. Thank you for sharing a moment of your Friday with us, and we invite you back next week. Have a safe and relaxing weekend.

  • Average price of LME traded cash nickel so far this month – $6.33/lb
  • LME nickel chart – here 

  Reports

  • Reuters metals morning – Copper edges up as key China data lifts sentiment – more
  • Reuters Daily Inside Metals – pdf here 
  • SMM Evening Comments – more

     Thursday’s market review – Copper hovers around 8-month highs as market weighs trade deal – Copper touched an eight-month high on Thursday after the United States and China inked an initial deal in a prolonged trade dispute, boosting hopes for a revival in metals demand. – more

      LME stock surge grounds high-flying nickel, but for how long? Andy Home –  Nickel, the best performer among the base metals last year, is currently getting a reality check in the form of surging exchange stocks. – more

      China 2019 crude steel output jumps 8.3%, sets 2nd straight annual record – Crude steel production in China climbed to a record just shy of 1 billion tonnes in 2019, boosted by a resilient property market and robust demand as Beijing beefed up infrastructure spending in a bid to weather a slowdown in economic growth.  – more

      Glencore to restructure SA ferrochrome following “material losses” at Rustenburg smelter – HIGH electricity tariffs, interruptions and deteriorating conditions in the ferrochrome market have forced Glencore and its joint venture partner, Merafe Resources, to consider restructuring at its Rustenburg smelter, Glencore today announced. – more

      Economic and Trade Agreement Between the United States of America and the People’s Republic of China – Phase One – 94 page agreement online here

      PolyMet will appeal permit ruling to Minnesota Supreme Court – PolyMet Mining Inc. said Thursday it will ask the Minnesota Supreme Court to overturn a ruling that canceled three permits needed for its proposed copper-nickel mine in northeastern Minnesota. – more

      Trucker.com – The November Freight TSI 0.1% increase was narrowly based with increases only in pipeline and rail carloads, with trucking, water, air freight and rail intermodal declining.

      Battery nickel price regains premium over metal – Much like prices for cobalt, lithium and graphite, nickel feedstock for battery manufacture ended 2019 on a weak note, as a retreat in Chinese electric vehicle sales in the second half of the year and slower than expected transition to nickel-rich battery chemistries hurt demand. – more

    Using numbers supplied by Inside EV’s – Worldwide sales of electronic vehicles rose each of the first seven months of 2019 over the same month in 2018. Beginning in August, and each month since, 2019 worldwide sales were less than the same month in 2018. Total sales for December 2019 have yet to be tabulated. For example, November 2019 sales were 176,500+ vehicles. During November 2018, 237,500+ EV’s were sold.

   21-0. If you turned the TV off after the first quarter of last week’s Chiefs-Titans football game, you might have wondered why the Chiefs were even in the play-off’s. The team looked like they could do nothing right and with a 24-0 lead early in the second quarter, the Texans were heading to the next round. The game was pretty much over for the Chiefs. But wait a moment, the second quarter wasn’t over, and neither was the rest of the game. KC roared back in record breaking fashion and when the dust finally settled, the Chiefs had won 51-31. In a moment, a team that could do nothing right, suddenly could do nothing wrong. In a moment, a team destined to failure, was conquering. In a moment, a team with every reason to give up, chose not to. ……… Down 24 – 0? One can give up or watch for that moment – to pounce.