Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$8.12/lb
($17,905/tonne). Indicators at 5:40 am CST today show nickel trading around $.01/lb lower and under $18,900/tonne. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today’s day of trading, just under the 40,700 tonne level. Shanghai nickel was quiet overnight, down slightly to 141,240 y/t. The Euro is attempting to bounce back this morning, but at the moment, would be better defined as stabilizing. Thus it is having little effect on trading. Here are your average costs for October and how they compared to September. Nickel – $8.28/lb, down from $8.90/lb; Chromium – $4.95/lb, up from $4.80/lb, and Molybdenum – $21.18/lb, down from $24.59/lb. Stay safe out there and have a great day! - Average price of LME traded cash nickel so far this month – $8.06/lb
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Reports
Tuesday’s market review – Firm dollar and China angst weigh on copper – Copper prices retreated from one-month highs on Tuesday under pressure from a stronger dollar and Chinese trade data …. – more
Nickel: excess production in Indonesia and increased supply on the market – Stanislav Kondrashov – The nickel market has faced oversupply this year as production increases in Indonesia …. – more
EU’s anti-circumvention investigation into Indonesian cold-rolled stainless steel impacts Taiwan – The recent anti-circumvention investigation initiated by the European Commission into stainless steel ….- more
Smelters in Indonesia turn to Philippine nickel – Indonesian nickel smelters have had to rely on Philippine imports to run operations in the world’s biggest nickel-producing country due …. – more
CISA mills’ daily steel output down 5.65 percent in late October – The China Iron and Steel Association (CISA) has announced that in mid-October (October 11-20) this year the average aggregate daily … – more
How Does Stainless Steel Compare to Carbon Steel? – Stainless steel and carbon steel are extensively utilized for various industrial and domestic purposes. – more
BoE tests show LME clearing house resources depleted in extreme case – – The Bank of England said on Wednesday that stress tests results saw the London Metal Exchange’s (LME) clearing house …. – more
Courtesy AISI – In the week ending on November 4, 2023, domestic raw steel production was 1,699,000 net tons while the capability utilization rate was 73.9 percent. Production was 1,594,000 net tons in the week ending November 4, 2022 while the capability utilization then was 71.5 percent. – more
Other News
- Worldsteel Sustainability Indicators 2023 – more
- Credit Card Delinquencies Continue to Rise – Who Is Missing Payments? – more
- Indonesia calls on West to help it develop EV manufacturing power – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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