Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$7.67/lb
($16,915/tonne). Indicators at 5:35 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses jumped on Tuesday and started today, just over the 115,600 tonne level. Shanghai nickel rose to 131,550 y/t overnight. Nickel continues its bullish run, popping over the $17,000 tonne level on a couple of occasions already this morning. And we are still unable to find any reason for the increase based on any global fundamentals. London stockpiles have already increased over 5,600 tonnes this month, with a week and a half left. No one is claiming demand is increasing of any substantial amount anywhere, while Indonesia continues to flood the market with supply. There has been a general base metals rally this week, but most of the others have already corrected. September tends to have a record of being a bullish month for nickel – although this was driven in the past by a Europe returning to work. We will see what happens but this rally may have jumped the gun. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month – $7.28/lb
|
|
|
Reports
Tuesday’s market review – Aluminium hits 5-week high on fund buying, alumina shortage – Aluminium prices hit their five-week high on Tuesday on increased fund buying and a shortage of raw material in… – more
China’s stainless prices drop, stocks decline slows – China’s stainless steel market saw a further drop in prices over August 9-16, driven lower by persistently gloomy market sentiment. Concurrently, the pace … – more
- Outlook darkens for China’s already weak steel output: Russell – more
- In July, China’s NPI+FeNi imports reached 820,800 mt, up 18.3% MoM – more
Japan’s cold-rolled stainless steel imports increase in Jun y-o-y – According to trade statistics from the Ministry of Finance of Japan, Japan imported 25,260 tons of stainless steel (steel plates, steel bars, … – more
Outokumpu improves stainless steel production in Europe – The European steel producer Outokumpu’s performance in the second quarter was relatively satisfactory, and the profitability improved from the … – more
US issues preliminary AD decision on stainless steel sheet and strip from Taiwan – The US Department of Commerce (DOC) has announced the preliminary results of its administrative reviews of the antidumping … – more
For pipe fittings in Titanium, Inconel, Monel, Hastelloy, Alloy 20, Incoloy, Nickel, and 304H – Call PA Inc at 1-800-460-PIPE
Building with stainless steels for a resilient and low-maintenance future – Stainless steels are an impressive family of high Chromium alloys and offer good to excellent corrosion resistance in many environments. – more
Courtesy AISI – In the week ending on August 17, 2024, domestic raw steel production was 1,754,000 net tons while the capability utilization rate was 79.0 percent. Production was 1,742,000 net tons in the week ending August 17, 2023 while the capability utilization then was 76.6 percent. – more
Other News
- Disastrous rainstorms drench provinces across China – more
- UPS plans surge fee for all China-to-US imports – more
- EU slashes planned tariff on Tesla’s China-made EVs to 9% – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
|
|
Слава Україні! – more