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

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Tuesday, April 30

• Three month nickel closed Monday’s trading session at $5.63/lb . Indicators at 6:20 am CST today show 3 month nickel trading $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today just under the 173,300 tonne level. Nickel continues to shadow the Euro, which is slightly higher this week – neither trading with any degree of enthusiasm. Much of the world will be shut down tomorrow for Labor Day, with some like China, shutting down for the remainder of the week. Just a reminder. Cash nickel averaged $5.95/lb last year. In March cash nickel averaged $5.97/lb, and the other three months this year, have averaged less than $5.95/lb. So whoever is spreading the figures in Australia that nickel is averaging 20% higher than last year, (see Australian Mine story below) is incorrect. It may be trading for 20% higher than its low point in 21018, but the high of $13,600/ tonne nickel has traded for this year (March 5th), is ‘way’ off its high of around $15,700/tonne it traded for in June 2018. LME cash nickel had a very good year last year, but so far this year, it has averaged $12,500/tonne – or $5.67/lb.  So one can put lipstick on a pig if they like … but it will not change the fact it is still a pig.
• Average price of cash nickel so far this month – $5.83/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Most metals fall as China April factory growth is below expectations – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more (SMM closed for the rest of the week)
• March 2019 crude steel production – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• USGS Mineral Resources Program Website Moves – more
• Section 232 creates boom and bust in US Steel prices – more
• Weakness Across Asia, China’s PMI, Trade-War Damage: Eco Day – more
• Stocks Struggle on Weak Earnings; Euro Strengthens: Markets Wrap – more
• Outlooks indicate short-lived El Niño likely – more

     Monday’s market review – Climbing copper stocks in LME warehouses weigh on prices – Copper prices slipped on Monday as stocks in London Metal Exchange-approved warehouses jumped, suggesting lacklustre demand, and volumes fell ahead of holidays in top consumer China. – more

      Australian Mines boosts nickel cobalt resource as demand surges – Special Report: The worm is turning for nickel and cobalt prices. Nickel is up almost 20 per cent this year, and cobalt prices rebounded for the first time in five months. – more

     Nickel surge could breathe life back into Ravensthorpe – A surge in nickel prices has Canadian miner First Quantum considering a restart of the Western Australian mine it shuttered in October 2017. – more

      China’s Tsingshan Holding Group plans to build stainless steel plant in Africa – Tsingshan Holding Group, the largest stainless steel producer in China, planned to invest a stainless steel plant in Zimbabwe. – more

     Courtesy AISI – In the week ending on April 27, 2019, domestic raw steel production was 1,895,000 net tons while the capability utilization rate was 81.4 percent. Production was 1,780,000 net tons in the week ending April 27, 2018 while the capability utilization then was 76.0 percent. The current week production represents a 6.5 percent increase from the same period in the previous year. Production for the week ending April 27, 2019 is down 0.4 percent from the previous week ending April 20, 2019 when production was 1,903,000 net tons and the rate of capability utilization was 81.8 percent. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, April 29

• Three month nickel closed Friday’s trading session at $5.60/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just over the 173,600 tonne level. Commodity board is a big sea of red this morning and while it shows nickel is the loss column this morning, using the closing time for Friday we do daily, shows a slight gain. Once again, nickel appears to be shadowing the Euro, which has stabilized and slightly recovered some of the deep losses it experience early and mid last week. To give an idea of this, nickel fell on Thursday, shadowing a drop in the Euro early in the day. On Friday, the Euro did a whole lot of nothing and nickel, in response, gained $25.tonne, with the official cash price unchanged – which rarely happens. This morning, the Euro is up .005% and nickel is currently up .004%. With little else to trade on it appears the Euro continues to be the catalyst to guide the trend. Nickel support has lowered to $5.55/lb, with resistance at $5.79/lb. Technical resistance is now below the $13,000/tonne level., as is the 10, 30, 60, 100 and 200 day moving averages. Interesting prediction below from a SMM analyst. SMM markets shuts down for Labor Day, and will be closed for the rest of the week, starting Wednesday. And just to let our Australian readers know that some us Americans appreciate the fact that we are not alone in this crazy world, we post some “Clive the politician”. Enjoy your week, for many readers, a short one.
• Average price of cash nickel so far this month – $5.84/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Most metals rise amid strong US, China data; trade tight ahead of holidays – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• Shanghai Metal Markets are closed May 1 – 4th
• London Metal Exchange closed May 6th

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Brexit Bulletin: Looming Defeats – more
• China is making more air conditioners, and that’s a good sign for the economy: Citi – more
• Euro-Area Economic Confidence Slips to Lowest Since 2016 – more
• U.S.-China Talks to Resume With Significant Issues Unresolved – more
• Stocks Mixed at Start of Data-Rich Week; Oil Slips: Markets Wrap – more

     Friday’s market review – Copper rises as dollar comes off highs, trade talks loom – Copper and most other industrial metals inched higher on Friday, boosted by a retreat in the dollar and hopes that a meeting between the United States and China could help ease damaging trade tensions. – more

    SMM NiCoLiMn Summit: China’s nickel market to flip into supply surplus in 2019 –  China’s primary nickel market, including refined nickel, nickel pig iron ferronickel and nickel salts, is expected to flip into a supply surplus in 2019 as greater NPI capacity in China and Indonesia drives supply to grow faster than demand, said Gao Yin, analyst from SMM. – more

• China’s crude steel output up 9.9 pct in Q1 – more

      New Caledonia nickel project triggers local protest – There has been a protest at the Vale nickel plant in the south of New Caledonia over the latest awarding of major new contracts. – more

      Tasmania’s Avebury mine to stay closed amid claims it owes $1 million in rates – A nickel mining project in Tasmania’s west that promised to breathe new life into the Zeehan area and create hundreds of new jobs has stalled indefinitely, with the owners blaming a rates stoush with the local council. – more

    Palmer promises Queensland Nickel Refinery workers $7m – Clive Palmer has defended spending up to $50 million on advertising for his political campaign, when workers from his collapsed Queensland Nickel Refinery are still waiting to be paid $7 million. – more

• Former Queensland Nickel employee slams potential Liberal-Palmer preference deal – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, April 25

• Three month nickel closed Wednesday’s trading session at $5.63/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and started today just over the 174,500 tonne level. The Euro continues to fall and base metals continue to struggle. Nickel was able to keep its head above water yesterday, but its struggling again today. One of the misnomers of showing the trading price in US Dollars is we sometimes do not understand the gravity of the price swings. A drop of $5.90/lb to $5.63/lb is noticeable, but that same drop when advertised in tonnes, which is how LME nickel is traded, makes the drop from $13,000/tonne to $12,400/tonne stand out a little more. I suspect no one is really happy with this price drop. The miners certainly aren’t, when this drop hits them square on the bottom line. The producers of stainless steel most likely aren’t, with inventories of nickel on  hand, now over priced. They will be somewhat protected with the surcharge system, but if these price drops hold, you will see some variance in prices as producers look to ‘dump’ their higher priced product. Another hit to the bottom line. And the distributors will have to react to the pricing game quicker than the rest, which is much easier (and profitable) when prices are on the rise, than they are when prices are falling. Price increases are easier to implement, and profits margins can grow, when costs are increasing and one has lower cost inventory, but when costs drop, its harder to swallow the cut in profit margin on existing inventory – which is higher priced than replacement inventory. Besides a cut in profit margin for the distributor, a lowering in the sell price of a product, puts pressure to sell more to make up the difference. Once again, a hit to the bottom line. CSSC reported overnight that production of stainless in China fell over 1-1/2% during the first quarter of the year (story below). As China is by far the world’s largest producer of stainless steel, this is not going to help nickel prices recover today. This is our final update for a shortened trading week. We wish each of you have a safe and relaxing weekend and hope to see you again next week, as we close out April together.  
• Average price of cash nickel so far this month – $5.88/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Shanghai aluminium nears 6-month high on demands hope – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• Nickel Magazine: the great enabler – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Trump unlikely to back away from established metals tariffs: Bracewell – more
• Don’t Pin Your Hopes on Massive Consumption Stimulus in China – more
• Stocks Mixed as Traders Digest Flood of Earnings: Markets Wrap – more

     Wednesday’s market review – Copper rebounds on hopes for trade deal and Chinese growth – Copper and other base metals recovered on Wednesday from the previous day’s losses, buoyed by hopes for a U.S.-China trade deal and stronger economic growth in top metals consumer China. – more

      China’s crude stainless steel output in Q1 shrinks 1.51% on year: CSSC – China’s production of crude stainless steel in the first quarter lost 1.51% from the first quarter of 2018, to stand at 6.43 million mt, according to data by the Stainless Steel Council of China Special Steel Enterprises Association (CSSC) on Thursday April 25. – more

      US’ ATI expects coming result of exemption issue on stainless steel slab imports – In March 2018, Allegheny Technologies Incorporated (ATI) demanded an exemption of 25% US import tariff on 300,000 tons of stainless steel slabs imported from Indonesia last year to support its joint venture in Pennsylvania with China’s Tsingshan Group. – more

      More than 40 million people work in artisanal mining- report – More than 40 million people around the world work in artisanal and small-scale mining where minerals including gold, diamonds and cobalt are dug up often by hand, a report by the World Bank and development organisation Pact said on Wednesday. – more

      Clive Palmer and the Liberals are pairing up – just forget those Nazi references – Morrison referred to Palmer as a circus sideshow; Palmer called the PM Himmler, but it’s all water under the bridge – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, April 24

• Three month nickel closed Tuesday’s trading session at $5.62/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and now total just under the 174,900 tonne level. To best describe the nickel market the last few days, one needs only to picture a small boat running into a rock, and now the occupant is bailing water as fast as they can to keep from sinking. For those who believe the importance of technicals, nickel fell thru support last night, and is fighting to get back to that point today. A second close below $5.66/lb would send a technically negative signal. The Euro is offering no help to traders. A drop against the US Dollar on Thursday and another drop on Tuesday is reflected in nickel’s fall, and so far today, the Euro is stable. U.S. stainless steel surcharges are published and we follow two of them, with a sample distributor as well. (Surcharges here). Trade talks will resume next week in Beijing, and the owner fo Norilsk Nickel is featured below.
• Average price of cash nickel so far this month – $5.89/lb (below $13,000/tonne)
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Shanghai metals fall on fears of easing stimulus in China – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• U.S., China Officials to Resume Trade Talks April 30 in Beijing – more
• Worsening Mood in Germany, France Damps Euro-Area Rebound Hopes – more
• Stocks Struggle as Bonds Gain; Dollar Strengthens: Markets Wrap – more

     Tuesday’s market review – Nickel hits two-month low on improving supply and strong dollar – Nickel prices hit a two-month low on Tuesday on signs of rising supply while the wider market also fell on a stronger dollar and uncertainty about the Chinese economy. – more

      Raw material shortages, tariffs and trade wars: Allegheny Technologies faces hurdles in 2019 – A shortage of a raw material used in the production of jet engines and 3D printing contributed to lower-than-expected earnings for Allegheny Technologies Inc. — just one of the challenges thrown at its new CEO.  – more

      Citi Says U.S. and China Will Nail Deal, Aiding Commodities – The outlook for commodities is bullish, according to Citigroup Inc., which expects raw materials to be supported by a confluence of positive factors including the agreement of a trade deal between Washington and Beijing, improved demand from China, and a weaker dollar. – more

      Zimbabwe signs multibillion-dollar mining deal with Chinese company – Zimbabwe on Tuesday signed a multibillion-dollar mining deal with China’s Tsingshan that will see the Chinese firm mining chrome, iron ore, nickel and coal in Zimbabwe. – more

      EV battery nickel use climbs – Adamas said this week that 104% more nickel was deployed in new passenger EV batteries in February, up 104% year-on-year. – more

      Tasmania’s Avebury mine to stay closed amid claims it owes $1 million in rates – A nickel mining project in Tasmania’s west that promised to breathe new life into the Zeehan area and create hundreds of new jobs has stalled indefinitely, with the owners blaming a rates stoush with the local council. – more

      Meet Vladimir Potanin, the richest documented man in Russia, who made his $22 billion fortune in the nickel industry, has owned at least 3 yachts, and plays ice hockey with Vladimir Putin – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, April 23

• Three month nickel closed Thursday’s trading session at $5.74/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and started this week just under the 175,700 tonne level. Traders have returned from a four day holiday weekend in the same bearish mood they started it in, albeit not as bearish. The bottom fell out on Thursday and suddenly a market stuck in neutral, was testing support levels. We haven’t mentioned support in a very long time, but we show it at $5.71/lb, for those who follow it. Market news, which has been few and far between lately, suddenly dumped a bunch of news and none of it positive. A representative from the World Steel Association issued a bearish statement about the outlook for steel, including a statement that China had peaked. The World Bureau of Metal Statistics reported last week that the market was in surplus in January and February, and would likely end the year in surplus. The Euro dropped liked a rock during thursday’s session, adding negative pressure on base metals trading. And finally, the “B” word is being used by some in reference to China’s EV industry – B as in bubble. None of these news items are nickel friendly price wise and thus, the market awakened, with the bear leading the charge. Is this a momentary setback? Or will we establish a new pricing channel? Stay tuned. It could be a telling week.
• Average price of cash nickel so far this month – $5.91/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper, nickel fall as investors fear China will ease stimulus – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Exports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Uncertainties Plague EU Steel Market – more
• The $18 billion electric car bubble at risk of bursting in China – more
• Stocks Mixed as Earnings Ramp Up; Oil Extends Gain: Markets Wrap – more

     Thursday’s market review – Zinc plunges as inventories and dollar climb – Zinc prices sank to a one-month low on Thursday after inventories in London Metal Exchange (LME) warehouses climbed and weak manufacturing data in Europe took the shine off base metals. – more

      Market Trend of Import of Ferroalloy as of 15 April 2019 = Chinese market is confused after value added tax is lowered = The Government of China lowered the value added tax on the manufacturing industries from 16% to 13% from April 1. – more

      World Nickel Market Recorded Marginal Deficit in Jan-Feb ‘19 – The monthly smelter/refinery output of nickel totaled 168.9kt in February this year. At the same time, consumption totaled 157.2kt. – more

      Long-term global steel demand growth to be 1%; China has peaked: worldsteel’s Basson  – The World Steel Association expects global steel demand growth to stabilize over the long-term at a compound annual growth rate of around 1%, now that Chinese steel demand has peaked, worldsteel Director General Edwin Basson said Thursday. – more

      Production at Antam’s nickel subsidiary grows 410 percent in Q1 – Nickel miner Gag Nickel, a subsidiary of state-owned diversified mining company PT Aneka Tambang (Antam), recorded a nickel production increase of 410 percent in the first quarter from the figure recorded in the same period last year. – more

      LME ready to address flaws in its metal storage rules – The London Metal Exchange is poised to deal with a loophole in its warehousing rules, exposed after commodity trader Glencore bought large amounts of aluminium earlier this year, sources familiar with the matter said.  – more

     Courtesy AISI – In the week ending on April 20, 2019, domestic raw steel production was 1,903,000 net tons while the capability utilization rate was 81.8 percent. Production was 1,780,000 net tons in the week ending April 20, 2018 while the capability utilization then was 76.0 percent. The current week production represents a 6.9 percent increase from the same period in the previous year. Production for the week ending April 20, 2019 is down 0.6 percent from the previous week ending April 13, 2019 when production was 1,915,000 net tons and the rate of capability utilization was 82.3 percent. – more

      Qld Nickel worker payments after poll – Unpaid entitlements that Clive Palmer promised to pay workers laid off from his Townsville nickel refinery three years ago won’t be paid until after the federal election. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, April 17

• Three month nickel closed Tuesday’s trading session at $5.93/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged . Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started todays session just over the 176,900 tonne level. Nickel bounced late yesterday, then fell, the bounced early this morning and while now trading above the $13,000 tonne level, it has done little since. Some of this is courtesy the Euro, that bounced off a weekly low early this morning. It will be interesting to see if the Trump administration and China can finalize a trade agreement in the near term. As is noted below in a Bloomberg article, China’s hand has been strengthened with their recent positive economic news. President Trump, who had the high cards based off last months economic numbers, now has lost some of that bargaining power, but has shown in the last few years of his Presidency, reality does not always hamper his resolve. The news this week has been the announcement of the release of the redacted Mueller report on Thursday, and only the fire at Notre Dame in Paris, has averted America’s attention …. for a day. Mr Palmer is apparently running for office again, so he is trying to erase the bad boy persona he has held for the last few years. And a reminder, that London Metal Exchange Markets are closed on Friday, April 19th, for Good Friday, and Monday, April 22nd, for Easter.
• Average price of cash nickel so far this month – $5.92/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper prices advance on upbeat China data – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• worldsteel Short Range Outlook April 2019 – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China’s Strengthening Economy Bolsters Its Hand in Trump Trade Talks – more
• Treasuries Slip Alongside Dollar; Stocks Edge Up: Markets Wrap – more

     Tuesday’s market review – Zinc tumbles after big delivery into LME warehouses – Zinc prices fell more than 2 percent on Tuesday as a big inflow into London Metal Exchange (LME) warehouses fanned expectations that a supply deficit will soon end. – more

       Metals Brokers Profit as Bank Exodus From Commodities Continues – Metals brokers are enjoying a surge in trading profits as they exploit an exodus of banks from commodities markets. – more

      January to February 2019 Metals Balances – The nickel market was in surplus during January to February 2019 with apparent demand exceeding production by 16.4 kt. In the whole of 2018 the calculated surplus was 88 kt. Reported stocks held in the LME at the end of February 2019 were 9.6 kt lower than at the end of the previous year. Refined production in January to February 2019 totalled 342.1 kt and demand was 325.7 kt. – more

      Price of HC FeCr in China Gets Confused and Drops in Some Area = Demand for stainless steel mills is weak = The price of high-carbon ferro-chrome in the Chinese domestic market has stopped rising since entering April, and stopped moving due to an unclear direction in the market, but a price drop was sporadically seen in some area at the end of last week, and the market price has got confused slightly. – more

       US importers take Section 232 metal tariffs fight to Supreme Court – The American Institute for International Steel (AIIS) has taken its legal challenge to end the Section 232 tariffs on steel and aluminum to the highest court in the US, with the steel trade organization filing a petition Monday with the Supreme Court, according to court documents. – more

      China’s Fujian launches plant for high nickel battery materials – The first phase of a 40,000-tonne per year battery cathode material project in southeast China’s Fujian province has been put into production, according to the local government. – more

      The uphill road: battery limitations to test China’s electric vehicle ambitions – It took one 330 kilometre trip from Chongqing to Chengdu in his Nio ES8, a seven-seater all-electric SUV, for its owner Wang Haichun to be consumed with buyer’s remorse. – more

      Electric cars can clean up the mining industry – here’s how – Growing demand for electric vehicles is important to help cut transport emissions, but it will also lead to new mining. – more

       Clive Palmer eyes Senate seat in Queensland – Clive Palmer will contest the federal election in the Senate, not the lower house seat of Herbert as he had originally indicated. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, April 16

• Three month nickel closed Monday’s trading session at $5.88/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and now totals just under the 177,200 tonne level. Withdrawal rates fell to 448 tonnes per day in the first half of April, form nearly 684 tonnes per day last month. More positive economic news from China seems to be helping nickel this morning, or it could be traders are simply climbing there way back to the $13,000 tonne level to return the traded price to the ‘comfort zone’. Other base metals are not reacting positively to the China news, so it is more likely the latter driving nickel. Euro has done a whole lot of nothing since Friday, so commodities are not getting any help there. China steel future prices, which rebounded earlier, have now stalled out about where they were in early March. The China stainless steel price index we follow is down over 2% from a month ago, down nearly 1.2% from this time last year. To show you what a nail biter this market has become – the 10 day moving average for nickel stands at $13,089.50/tonne, according to investing.com. That same site shows the 100 day moving average of nickel at $13,089.52/tonne. And that is our two cents ‘difference’ for the day.
• Average price of cash nickel so far this month – $5.93/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Nickel gains on China’s home prices data, stocks rally – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Economy in a Snapshot – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Column: Funds hold their fire on confused copper market – more
• Robust growth in construction machinery profits indicate improving economic outlook – more
• Stocks Climb as Earnings Boost Outlook; Bonds Slip: Markets Wrap – more
• Short-lived El Niño remains likely – more

     Monday’s market review – Copper steady ahead of China data, clues to demand prospects – Copper prices steadied on Monday, reinforced by a lower dollar and healthy economic numbers from China ahead of a barrage of growth data later this week from the top consumer. – more

       Eramet gets go-ahead to boost New Caledonia nickel exports, shares rise – French mining company Eramet said its loss-making SLN nickel division had received a boost from the New Caledonia government approving a sharp rise in SLN’s nickel ore exports. – more

      Special Steel Demand Forecast in Apr-Jun 2019 = Down by 3.6% from year-earlier period = On April 9, the Ministry of Economy, Trade and Industry made clear its demand forecast about special steel products in the period from April to June in 2019 in the lecture made in the Special Steel Association of JAPAN. – more

      Munali Nickel Mine Re-Opens Today – President Edgar Lungu will today flag off the exportation of nickel ore from the Munali Nickel Mine in Mazabuka District. – more

      Courtesy AISI – In the week ending on April 13, 2019, domestic raw steel production was 1,915,000 net tons while the capability utilization rate was 82.3 percent. Production was 1,780,000 net tons in the week ending April 13, 2018 while the capability utilization then was 76.0 percent. The current week production represents a 7.6 percent increase from the same period in the previous year. Production for the week ending April 13, 2019 is down 0.7 percent from the previous week ending April 6, 2019 when production was 1,928,000 net tons and the rate of capability utilization was 82.8 percent.

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, April 15

• Three month nickel closed Friday’s trading session at $5.89/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just over the 177,700 tonne level. Nickel closed below the $13,000 tonne level on Thursday and almost climbed back over on Friday, but fell short – by $20/tonne. So we start the week with the $13,000/tonne level as the market guide for the beginning of another week.  The economic news from the world’s largest consumer of nickel was actually on the brighter side late last week. While Chinese economic reports are always suspect, they releases customs data on Friday that showed their exports rose 14.2% over a year ago to $198.7 billion, recovering from February’s 20.8% contraction. Imports, on the other hand, continue to slump, falling 7.6% to $166 billion. Last months report showed exports had contracted by nearly 21%, due largely in part to the Trump tariffs, so an increase in the face of the ongoing tariffs is noteworthy. But still nickel fell. And so far today, it is doing a lot of nothing. Don’t get us wrong, Stability on the trading price of nickel is a big plus to both producers and consumers. Especially stainless steel producers, who are adversely affected when nickel prices bounce back and forth. Producers prefer to be on the higher side, but in the longer term, stability is good for the market, as every time nickel prices start to climb, someone, somewhere starts firing up their lab and trying to find a good substitute. This is the reason we have stainless steel with manganese today, referred to as 200 series stainless. No one has yet figured out how to make manganese or any other metal work as well as nickel, and with stable prices, there is no real pressure to. But the market is controlled by traders, or better yet, computers of trading houses, who make no money with stable prices. And they are not threatened by potential alternatives to nickel – it would just be something new for them to trade. So enjoy the stability while it lasts. It rarely lasts very long. Enjoy the beginning of the latter half of April! 
• Average price of cash nickel so far this month – $5.94/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper edges up on China data, lower stockpiles – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• “It’s Stupid”: German Professor Slams Berlin Battery Play – more
• Stocks Drift Higher Before Earnings; Bonds Steady: Markets Wrap – more

     Friday’s market review – Lower dollar and Chinese data fuel copper’s ascent – Copper prices rose on Friday as a weaker dollar and robust new loans data from China reinforced expectations of healthy demand during the seasonally strong second quarter. – more

       Indonesia’s Export of Stainless Steel Semi-products in February 2019 = Flat roll is 176,000 tons and ingot is 151 kg = Indonesia’s foreign trade statistics shows the export volume of stainless steel semi-products in February 2019 was extremely small such as 151 kg of ingot (slab), down by a large margin from the prior month (29,404 tons). Flat roll (width: more than 600 mm) was 175,571 tons, up by 5.6% ditto. – more

       SLN Has Likelihood of Going Bankrupt if Losing Money Continues = CEO of parent company makes comment company will have to be improved during former half of this year = According to the local news report in New Caledonia, Ms. Christel Bories, Chairman and CEO of Eramet S.A. made a comment that in case its subsidiary, Societe Le Nickel (SLN) continues to lose money, this company has a likelihood of going bankrupt next year, and will have to be improved by structural reform during the former half of this year and the expected result will have to be obtained. – more

       Chinese steel output to grow 3-4%, says Fortescue CEO – The head of Australia’s Fortescue Metals Group, the world’s fourth-largest iron ore supplier, expects Chinese steel production to keep growing despite an economic slowdown as government stimulus stokes demand. – more

       Worried about nickel supply, China battery maker BYD welcomes JV discussions – Securing enough nickel is a major worry for electric vehicle firms, an executive from Chinese electric car and battery maker BYD Co Ltd said on Thursday, adding that the company would welcome joint ventures that help guarantee supply. – more

      Marex makes record profit; takes provision ahead of ruling – Commodity broker Marex Spectron, which is awaiting the judgment in a court case in which it is accused of failing to identify a fraud, has reported a record pre-tax profit of $45.2 million for 2018. – more

      Finnish Company Boosts Battery Recycling to Over 80 Percent – Finnish recycling company Fortum has achieved the high recycling rate for electric vehicle (EV) batteries of 80 per cent with a low-CO2 hydrometallurgical recycling process. – more

      Palmer will pay Qld Nickel worker costs – Clive Palmer says he will cover outstanding entitlements for workers sacked from his Townsville nickel refinery while simultaneously saying he didn’t sack them. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, April 11

• Three month nickel closed Wednesday’s trading session at $6.00/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just over the179,300 tonne level. Basically we are back to where stockpiles started the week. The Battery Materials Conference is going on in Shanghai and thus, the news centers around the nickel and the growing EV industry. In an interview with Metal Bulletin, Jim Lennon of Macquarie Commodities was bullish for the future, although he did not give a price prediction. He did note that stainless steel accounts for 70% of nickel usage, with EV battery usage at about 6% at present. The article also states “Nickel inventory at both LME and SHFE warehouses have been on a downward trajectory since 2018. LME nickel stocks totaled 182,446 tonnes as of April 1, down by 50% from 368,430 tonnes on January 1, 2018.” This is seriously wrong. While stockpiles are down 50% from where they were a few years ago, on January 1, 2018, LME stockpiles stood at 142,602. In 2008, we were in recovery from record low inventory and record high prices the prior spring. Stockpile growth peaked on August 31st, 2017 at 389,154 tonnes. Lennon did predict nickel usage growth to increase by 3-1/2 to 4% in the stainless steel sector, and grow 30-40% in the EV sector. Numbers like that show the apparent interest in the nickel industry, with the EV sector. This is our final update for the week, so we hope each of you have a safe and relaxing weekend and invite you back next week.
• Average price of cash nickel so far this month – $5.95/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper falls as supply, growth concerns outweigh trade talks progress – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• How China is upending copper scrap and why it matters – more
• Brexit Delayed to End of October as Macron Plays Hardball – more
• Stocks Struggle After Growth Warnings; Oil Slips: Markets Wrap – more

     Wednesday’s market review – Zinc market braces for Chinese smelter output rise – Zinc touched a two-week low on Wednesday on concerns that Chinese smelters will ramp up output, but prices were supported by a shortage of immediately available material on the London Metal Exchange (LME). – more

       Nickel shortage in view unless China-led projects in Indonesia succeed: analysts – The global nickel market and its key growth sector, electric vehicle (EV) batteries, will face grave supply shortages unless key Chinese-led projects in Indonesia start up in a timely and cost-effective manner, analysts said on Thursday. – more

• Worried about nickel supply, China battery maker BYD welcomes JV discussions – more

      China’s Greatpower to start producing nickel sulphate by end-2019: Chairman – Greatpower Technology Co, a Chinese supplier of chemicals for lithium-ion batteries, will start producing nickel sulphate from a plant in eastern China’s Zhejiang province by the end of this year, its chairman said on Wednesday. – more

       Silkroad Nickel gets nod for construction of nickel smelter in Indonesia – Indonesian mining group Silkroad Nickel on Tuesday (April 9) said it has received environmental approval for the construction of a nickel smelter and supporting facilities at its mine site in Sulawesi, Indonesia. – more

      Australia establishes $53m national battery research hub in WA – The Australian Government is providing a $25 million grant to an industry-led battery research centre in Perth, Western Australia, to meet the rising demand of the battery boom. – more

       China’s steel, iron ore resume gains on firm demand – China’s steel and iron ore futures closed higher on Thursday, resuming their climb after a one-day pause, supported by expectations that domestic demand will remain strong amid brisk construction activity in the world’s biggest steelmaker. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, April 10

• Three month nickel closed Tuesday’s trading session at $6.00/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb lower. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Tuesday and started the day just over the 179,400 tonne level. Nickel finally closed over the magical $13,200 tonne level last night – by a whooping $20 a tonne. And this morning. It’s trading below that level again. Here are your headlines this morning. Bloomberg says “Trump Tariffs on EU Could Lead to Trade War, Leinen Says”. Yahoo says “Trump escalates trade war with proposal to impose tariffs on $11B EU imports”. CNBC says “The US could be locked in a ‘Forever Trade War’ that no one sees coming.”. It’s nice to know we are not in a trade war with Europe, or Canada, or China. Then again. It’s apparent we are in a  trade war with Europe, Canada, and China. Canada’s bank seems to have no problem calling it what it is “The Trade War in Numbers – Bank of Canada”. So after last weeks embarrassing reversal on a possible summit announcement for the Chinese – US trade talks, this week, the President has shifted his attention to our European allies, and has threatened more tariff’s. Not to be ignored or forgotten, Canada has announced it may add more import tariff’s on the U.S. as well. And our old friends, the Russians, are reminding the world that while the U.S. can sometimes make a poor friend, they remain dependable irritants. So why are we talking about politics? Because it appears to be the only thing guiding world markets. The Euro has stalled since yesterday, and we are seeing a similar reaction in nickel trading. Inventories went unchanged yesterday – hard to make news out of that. So we either throw out some fluff …. or just replace the entire section with …. (ditto of yesterday).  
• Average price of cash nickel so far this month – $5.95/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper muted on U.S.-Europe trade tension, IMF forecast cut – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Spotlight: IMF lowers global growth forecast for 2019, warns of downside risks – more
• Stocks Rise as Treasury Yields Dip; Dollar Steady: Markets Wrap – more

     Tuesday’s market review – Zinc slips on rising supply concerns; copper gains on weaker dollar – Zinc prices declined on Tuesday as investors were cautious about a possible surge in refined zinc supply as smelters raised production amid attractive margins, while other metals climbed as the U.S. dollar slumped. – more

      Brake Put on Rising Price of HC FeCr in China = Because high price is adjusted and ore price drops back = The price of high-carbon ferro-chrome in the Chinese domestic market has stopped rising since entering April. – more

    Russian Company Will Invest in Venezuelan Mining Production – The Minister for Ecological Mining Development, Victor Cano, notified that representatives of a Russian company expressed their intention to invest in Venezuela to boost mining production. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, April 9

• Three month nickel closed Monday’s trading session at $5.98/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.04/lb higher. Stockpiles of nickel stored in LME licenses warehouses rose on Monday and ended the day just over the 179,400 tonne level. That is the first increase since mid February. Nickel closed below the $13,200 tonne level again last evening, and the bulls are making another attempt to beat it today. The Euro is trading on the high side of where it was yesterday and offering timid support. Nickel is also trading on the high side of where it was yesterday. This is more evidence that with little else to trade on, nickel traders, or their computers, watch the Euro and its value in relation to the US Dollar closely. Nothing else to talk about so we won’t try to fill the page with fluff. Interesting article below on the China-US trade talks from the Chinese perspective.
• Average price of cash nickel so far this month – $5.95/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Zinc slips on rising supply concerns; copper gains on weaker dollar – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China’s crackdown on ‘illegal’ steel production – more
• China-US trade deal only ‘a matter of time’ but last-minute changes still possible – more
• European Stocks Climb; U.S. Futures, Bonds Steady: Markets Wrap – more

     Monday’s market review – Copper gains on China stimulus; zinc slips on producer selling – Copper prices rose on Monday on news of fresh stimulus measures in top metals consumer China and hopes for a U.S.-China trade deal. – more

      Mexico initiates AD investigation on stainless steel from China & Taiwan – It was reported that the Mexico’s Ministry of Economy announced on April 5th that it will initiate an anti-dumping investigation over cold-rolled stainless steel flat products from China and Taiwan. – more

      China stimulus 2018-19 Less positive for commodities demand than the past – The market had hoped that China would unveil a large stimulus package at the March NPC; but any expectation of a large boost to world growth and commodities demand has not come, yet. – more

      Nickel mining can be sustainable – It would not be an overstatement to say that the Philippine mining industry has gone through a self-inflicted environmental and political crisis over the last two or three years. – more

      Zim’s ferro-chrome potential towards V2030 – Zimbabwe has the capacity to meet the Second Republic’s set target of becoming an upper middle income economy by the year 2030 if the ferro-chrome industry gets support. – more

      New mining laws in French Polynesia imminent – miner – A mining company in French Polynesia claims the government plans to introduce a new mining code next week. – more

      Courtesy AISI – In the week ending on April 6, 2019, domestic raw steel production was 1,928,000 net tons while the capability utilization rate was 82.8 percent. Production was 1,787,000 net tons in the week ending April 6, 2018 while the capability utilization then was 76.3 percent. The current week production represents a 7.9 percent increase from the same period in the previous year. Production for the week ending April 6, 2019 is up 0.8 percent from the previous week ending March 30, 2019 when production was 1,913,000 net tons and the rate of capability utilization was 82.2 percent. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, April 8

• Three month nickel closed Friday’s trading session at $5.95/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on both Thursday and Friday and start the week just over the 179,300 tonne level.Nickel is trading back above the magical $13,200 tonne level this morning, having fallen back below that level on Thursday and Friday. Apparently the big announcement by the President that was rumored for Thursday afternoon, did not materialize and thus, no change in the ongoing talks between China and the US. In fact, media is reporting that the next round of face to face meetings are not planned as of yet. Sales estimates for US EV sales are in and sales increased 4.2% over last March, with over 27,500 cars sold this March compared to around 26,400 EV cars sold last March. Worldwide estimates typically take much longer to calculate. This is better than February sales figures which sold US manufacturers only managed to sell 19 more cars tis year compared to last February. Euro is trading above last Friday and in line with last Thursday. Chinese steel price futures are rebounding off last weeks slide. And so far this month, nickel has closed above the $13,000 tonne mark every day, but only once above $13,200/tonne. Will a stronger Euro help push it back over today? And in Europe, UK’s Theresa May is on her way to Berlin and Paris to beg for more time before Brexit. And have a great week. Stay tuned.
• Average price of cash nickel so far this month – $5.94/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper gains on China stimulus; zinc slips on producer selling – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Scotiabank Reports – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• The New York Fed Staff Forecast—April 2019 – more
• Largest US nail manufacturer wins Section 232 exemption – more
• Global manufacturing PMI edges up on strong China, U.S. activities – more
• U.S.-China trade talks ‘made progress’ but ‘significant work remains’ – more
• Today’s Market View – Iron ore prices hit 2 year high on faltering supply – more
• A Million Tons of Copper Is on the Way: It May Not Be Enough – more
• Stocks Drift With Bonds; Oil Edges Higher on Libya: Markets Wrap – more

     Friday’s market review – Zinc up on shortages, others mixed on U.S.-China uncertainty – Zinc prices gained on Friday on concerns about short-term shortages, but other industrial metal prices were mixed due to uncertainty about any U.S.-China trade deal. – more

       Indonesia battery-grade nickel plant awaits environmental nod- developer – Indonesia’s first plant to produce battery-grade nickel chemicals is on track to start operations by 2020, though the project still needs an environmental permit that could take up to eight months to be approved, the developer told Reuters. – more

      Spain produces 0.8% less crude steel in 2018, stainless steel suffers more falls – Spain produced 14.3 million tons of crude steel in 2018, a fall of 0.8% compared to 2017. Non-alloy steel registered the figure for the previous year while stainless steels suffered a greater fall of 3.3% in terms of its volume. – more

      KPK Requests Data on Nickel Exports from Customs and Excise – With regard to the case of alleged corruption in mining and exploration licenses, the Corruption Eradication Commission (KPK) has asked Director General of Customs and Excise Heru Pambudi for nickel export data, as well as the Production Operation of Mining Business Licenses from the North Konawe district government from 2007-2014. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Thursday, April 4

• Three month nickel closed Wednesday’s trading session at $6.07/lb . Indicators at 6:20 am CST today show 3 month nickel trading around %.08/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 181,100 tonne level. Nickel has spent three of the last four days trading all or some of the day over the $13,200/tonne level, which has been providing resistance. Yesterday it closed nearly $200/tonne over this level, but today, is trading slightly under again. Nickel has yet to break out of this channel, although the bulls and bears are fighting over the high side of it – the channel being roughly from $12,800 – $13,200/tonne. It appears that nickel may be shadowing the Euro more than anything, and with it trading off yesterday’s highs, we see nickel trading likewise. The Euro is down as German factory orders showed a big decline. Brexit remains the huge unknown in Europe. It would be interesting to see someone much smarter than us, research whether the U.S. tariff’s are hurting our friends in Europe worse than they are China. Media is announcing President Trump could meet with the Chinese vice premier later today and if the meeting happens, it is expected they will announce a summit. The people in the know on this aren’t talking so speculation is running wild. Will it be a summit to sign a new trade agreement? Will it be a summit to allow the leaders of the two countries to do some face to face negotiations? Will it be a summit to announce the return of the Jetsons to prime time TV? No one  is talking yet. And it doesn’t sound like anyone really knows if the press conference will happen later today. So we put it out there, so you know, what we don’t know. EV sales figures are coming in for March and Tesla had better had some big numbers for US sales to have beaten last March’s. We will advise when sales estimates are finalized – hopefully next week. Steel futures in China took a nosedive on the first of April, and haven’t recovered much yet. The Chinese stainless steel price index we follow shows stainless down almost 1/2 of 1% from last week, and lower against last week, month , quarter and year. This is our final update for the week, and we hope each of you has a safe and relaxing weekend and invite you to join us again next week.
• Average price of cash nickel so far this month – $5.95/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Copper falls as German factory data adds to demand worries – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• China holiday – Friday April 5 – Qingming Festival

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Trump will meet with Chinese vice premier on Thursday -White House – more
• Stocks Slip After Global Rally; Treasuries Advance: Markets Wrap – more

     Wednesday’s market review – Base metals rise on optimism over trade talks, Chinese data – Prices of copper and other industrial metals rose on Wednesday as strong Chinese manufacturing data and reports of progress in U.S.-China trade talks bolstered the demand outlook. – more

      Japan’s Purchase Price of HC FeCr in April-June Up by US Cents 8 = US Cents 128 per lb, up due to cost increase and supply instability = Japanese stainless steel mills have continued negotiation with multiple overseas ferro-chrome producers to fix the purchase price of high-carbon ferro-chrome for the period from April to June in 2019 and have this time come to an agreement on the price to be up by US Cents 8 from the prior period. – more

      CanAlaska Buys Historical Manibridge Mine – CanAlaska Uranium has agreed to purchase the past-producing Manibridge Nickel Mine, seeking to develop the well-located site and explore for additional contained resources. – more

      What’s next for PolyMet? – For more than a decade, PolyMet Mining issued a seemingly never-ending series of optimistic timelines for the start of construction and operation of the state’s first copper-nickel mine. Each, in turn, fell by the wayside as the environmental review process dragged on for more than a decade. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Wednesday, April 3

• Three month nickel closed Tuesday’s trading session at $5.94/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 181,600 tonne level. The market is reacting bullishly on a statement by a US Chamber of Commerce official that chances are increasing a deal will be reached between China and the US that will end the trade war. The Euro is trading at a weekly high, which is also helping.  We have some interesting numbers from last month. For the last 5 months, the withdrawal rate from LME stockpiles have fallen from an average of 764.30 tonnes per day for the first six months of 2018. In February the had recovered’ to a withdrawal rate of 340 tonnes per day. Last month, this number jumped to 683.71 per day. Simplistically, and not at all scientific, if one was to guess why these figures matter, is at 340 tonnes per day, our current stockpile numbers would last 537 working days. At 683.71 – that number drops to 267 working days. Typically there are around 240 or so working days in a year. Double the withdrawal rate – split the days of inventory left drops by half. “If” this higher withdrawal rate continues – LME stockpiles will become the story of 2019. Middle of last year, it was looking like stockpiles might get pretty lean by the end of this year. Then the last half of the 2018 slowed way down and stockpile numbers became a sideline story. Stay tuned. Nickel is trading above short term resistance at $5.99/lb this morning and if it sticks, we see $13,600/tonne or $6.17/lb as the next hurdle.
• China holiday – Friday April 5 – Qingming Festival
• Average price of cash nickel so far this month – $5.94/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Base metals rise on U.S.-China trade talk progress, economic data – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Gain on Upbeat Economic Data; Bonds Decline: Markets Wrap – more

     Tuesday’s market review – Copper slips as Peru mine blockade seen ending – Copper prices slipped on Tuesday, under pressure from a stronger dollar and signs that a blockade of a mine in Peru may end after government intervention, which eased supply concerns. – more

      China’s Henan shuts 1.57 million tons of backward stainless steel production capacity – It was recently reported that Changtai Stainless Steel Plate Co., Ltd., one of the stainless steel manufacturers in China’s Henan Province, has shut its backward production capacity of stainless steel by 1.57 million tons in 2018, including a 60-ton converter with capacity 950,000 tons and a 530m³ No. 2 blast furnace with capacity 620,000 tons. – more

      Vale Indonesia targets 74,000 T nickel in matte output in 2019 – Nickel miner PT Vale Indonesia is targeting to produce around 74,000 tonnes of nickel in matte in 2019, slightly lower than last year’s production, president director Nico Kanter said on Tuesday. – more

      MCC Announces Review on Expansion of Ramu Nickel Mine = Appeal is made in local newspaper for profit for local area = Last week, Mr. Wang Baowen, Vice President of Metallurgical Corporation of China Limited (MCC) operating Ramu nickel cobalt mine in Papua New Guinea (PNG) announced its intention to re-examine the expansion plan for this mine. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Tuesday, April 2

• Three month nickel closed Monday’s trading session at $5.96/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started the day just under the 182,100 tonne level. Nickel got a bump yesterday from some better than expected PMI numbers from CHina, but the enthusiastic start to the day, ended with a thud, as prices retreated. This morning, prices are doing little of nothing so far, and remain within the $200/tonne over/under the $13,000 tonne level. Very little market news today. Trade negotiations between China and the US are scheduled to resume tomorrow in Washington D.C. Some positive signs coming out of the talks, but nothing concrete yet. Brexit is back in the news this week, after the government there rejected another agreement with the EU. It is looking more likely that Brexit will come without an agreement, and what will happen is anyone’s guess. The primary concern for the base metal market will probably be what the London Metal Exchange decides to trade metals in. Right now, they trade in the Euro which explains why small movements in the currency market can have a big impact on the traded price of base metals. One would think the LME has contingency plans in place, but the uncertainty of what will happen when Brexit actually takes place, which some say could take place as early as the 15th, may be forcing them to remain silent on which contingency they will adopt. Markets, in general, hate uncertainty, and the fiasco in London, is not sending encouraging signals to the rest of the world.    
• Average price of cash nickel so far this month – $5.97/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – London copper down as dollar rises, Peru mine concerns ease – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• The Keynesian Growth Approach to Macroeconomic Policy and Productivity – more
• Tariff War Will Hammer Global Trade Growth This Year, WTO Says – more
• Stocks Hit Pause as Treasuries Gain; Pound Weakens: Markets Wrap – more
• El Niño ALERT – tropical Pacific Ocean warm but little atmospheric response – more

     Monday’s market review – Nickel rises as inventories fall, China factory activity grows – Nickel prices ended higher on Monday after positive factory data from top steel producer China raised hopes for higher demand, while inventories fell. – more

      Independence moves closer to producing battery ingredients at Nova – Independence managing director Peter Bradford said its nickel sulphate downstream processing pre-feasibility study had made significant progress. – more

• Independence Group to unlock value of nickel sulphate from Nova – more

     Courtesy AISI – In the week ending on March 30, 2019, domestic raw steel production was 1,913,000 net tons while the capability utilization rate was 82.2 percent. Production was 1,826,000 net tons in the week ending March 30, 2018 while the capability utilization then was 78.3 percent. The current week production represents a 4.8 percent increase from the same period in the previous year. Production for the week ending March 30, 2019 is down 1.1 percent from the previous week ending March 23, 2019 when production was 1,934,000 net tons and the rate of capability utilization was 83.1 percent. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

Monday, April 1

• Three month nickel closed Friday’s trading session at $5.91/lb higher. Indicators at 6:20 am CST today show 3 month nickel trading around $.10/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and started the week just under the 182,500 tonne level. Nickel closed below the $14,000 tonne level on Thursday and apparently the bulls wanted to end March above the level, and they effectively did so, ending the week $40 a tonne over. After the weekend announcement by the Chinese government that their manufacturing PMI had crawled back above 50, base metals are trading higher this morning. There has always been a level of mistrust in the official numbers released from China, and we suspect these figures will be looked at as suspect. It helps one’s negotiation hand, when one can show the other is having a hard time forcing your hand. Thus, showing a recovery in your manufacturing output in the face of damaging tariff’s from the largest economy in the world, could help one at the trade talks. As the largest consumer of nickel, manufacturing numbers, suspect or not, are watched closely by traders looking for clues on future consumption. It’s the start of the second quarter of 2019 and the day where, at least in the US, one can not believe anything out of the normal that they are being told. Enjoy your week!
• Average price of cash nickel so far this month – $5.92/lb
• Average price of LME traded nickel in in 2018 – $5.95/lb / 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb /

  Reports

• Reuters metals morning – Nickel leads pack as base metals rise on trade talk progress, China data boost – more
• Reuters Daily Inside Metals – pdf here
• SMM Evening Comments – more
• U.S. Exports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Is Nickel poised for breakout? – more
• (PR) For the month of April 2019, North American Stainless will maintain the fuel surcharge of 25% for stainless flat and long products.
• Australia is enjoying a windfall commodities boom, but it won’t last: Russell – more
• German Factory Slump Leaves Euro Area as Global Economic Laggard – more
• White House’s Kudlow says U.S.-China trade talks making headway – more
• Stocks Jump, Bonds Fall as China Data Lifts Hopes: Markets Wrap – more

     Friday’s market review – Zinc hits 9-month peak on hopes for U.S.-China deal, shortages – Zinc hit a nine-month peak and other industrial metals also gained on Friday, lifted by optimism about a U.S.-China trade deal and potential shortages due to low stocks and mine disruptions. – more

      Global Stainless Steel Price Upturn Anticipated – Rising raw material costs have combined with traditional, seasonal factors to provide expectations for a strong recovery in stainless steel prices during the second trimester of 2019. LME nickel costs followed an upward trend from the beginning of January until early March. – more

     Nickel Monthly News For The Month Of March 2019 – Welcome to the nickel miners news for March. The past month we saw nickel prices flat and plenty of good news from the nickel miners, as well as analysts forecasting a bright outlook ahead for nickel. – more

      NSSC lowers contract prices of stainless steel wire rod for Mar-May – It was reported that Japanese Nippon Steel & Sumikin Stainless Steel Corporation (NSSC) previously announced that it decided to adjust its contract prices of stainless steel wire rod for March-March 2019. – more

      Price of HC FeCr in China Keeps Rising Momentum = Major stainless steel mill starts procurement for April delivery = The price of high-carbon ferro-chrome in the Chinese domestic market has strengthened its rising momentum since entering the latter half of March. – more

      Nickel ore shipments leaving Surigao to sharply expand in Apr – Nickel ore shipments leaving the Surigao region of the Philippines in April are set to expand significantly from March after torrential rainfall in the region. – more

      Japan’s Sumitomo Mining cuts copper, nickel output for current financial year – Japanese base metal producer Sumitomo Metal Mining said Monday it plans to cut its copper and nickel cathode output in the current financial year ending March 2020 due to plant maintenance and tight feedstock supplies. – more

       China to Impose AD on SUS Made by Japan, S. Korea and Indonesia, etc. = 29% on Japan, 103.1% on South Korea, 43% on Europe and 20.2% on Indonesia = The Ministry of Commerce of China started last July to investigate imposition of anti-dumping duty (AD) on stainless steel half-finished products (hot-rolled, billet) made by Japan, South Korea, Europe and Indonesia on suspicion of dumping, and announced its preliminary decision on this matter on March 22 this year. – more

      Korea criticizes China’s anti-dumping probe on stainless steel  – South Korea’s industry ministry said Friday it has expressed concern over China’s anti-dumping investigation into hot-rolled stainless steel plates, claiming locally made products do not negatively impact Chinese industry. – more

      SMM unveils process to recycle metals from used lithium-ion batteries – Sumitomo Metal Mining Co. Ltd. (SMM) has reportedly announced the development of a process for recycling copper, nickel, and cobalt from used lithium-ion batteries and intermediates that are generated in their production. – more

  Morning Nickel Price Statistics & Figures

• Today’s almost official prices here  /  Yesterday’s actual LME official prices here or here
• Shanghai Jinchuan nickel price – available here or here (updated)
• India MCX Nickel Price – more  more
• 100 Years of Stainless Steel Video – online here
• Please let us know if any of these links stop working, stop carrying info, or become available to subscriber’s only. We encourage our readers to use the services of those companies who supply news and information free of charge. Contact us

March Archives

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“A Guide To LME Trading”…pdf here (all ton listings are metric tons = 2204.622 pounds ) Updated Monday thru Thursday before 8 am CST – Disclaimer Original content and opinions copyright www.estainlesssteel.com. All prices shown on this page are indications only. Note – For real time and official LME prices, LME requires a user subscribe to an authorized LME vendor.