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

Thursday, May 31

• Three month nickel closed Wednesday’s trading session at $6.87/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.05/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just over the 290,600 tonne level. Nickel closed above the $15,000/tonne level and except for a unusual spike in April that lasted a few hours, nickel is trading at its highest levels since January 2015. The last day of April we showed the average price of cash nickel trading at $6.33/lb for the month. Today we show $6.49/lb for May. Base metals are getting a double dose of positive momentum today, with the Euro stronger against the US Dollar, and steel futures contracts higher in China. While many metals analysts seem to feel the trend will remain bullish long term, more are starting to warn an adjustment is overdue, with the current bull getting a little ahead of itself. Technical signals are starting to agree with the stochastic numbers starting to show overbought. Unless something unusual happens today, we see nickel closing above $15,000 for a second straight day – sending another bullish signal to traders. This is our last update for the week, and we hope each of you has a safe and relaxing weekend, and invite you back next week as we start a new month, and the start of summer in the Northern Hemisphere.
• Average price of cash nickel so far this month – $6.49/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Base metals rise on positive China manufacturing data – more
• Reuters Daily Inside Metals – pdf here

  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 trade war shocks just keep coming – more
• Global steel scrap usage up further in 2017 on EAF rise: report – more
• U.S. to slap tariffs soon on steel, aluminum from EU -WSJ – more
• How is the steel industry meeting the challenge of climate change? – more
• Navarro Rebukes Mnuchin for Declaring China Trade War ‘On Hold’ – more
• Commodity Supercycle Smiling On Energy Metals – more
• Stock Rebound Eases as Italy, Trade Clouds Hover: Markets Wrap – more

     Wednesday’s market review – Copper slips as U.S.-China trade row feeds risk aversion – Copper fell to a three-week low on Wednesday as jitters over the U.S.-China trade stand-off kept up pressure on cyclical assets like industrial metals, already hurt this week by worries over political turmoil in Italy. – more

      Material Matters: M&A, Coal, Copper & Nickel – Globally, Citi notes miners avoided M&A in 2017, as acquisitions were at the lowest level since 2003. Coinciding with this, capital expenditure fell more than 90% since the 2012 peak. – more

     Johnson Matthey to produce new battery material in 2021-22 – Chemicals group Johnson Matthey said on Thursday it expected to start production in 2021-22 of a battery material it has developed with improved performance and reduced cobalt content to contain costs. – more

      Horizonte Minerals has one of the largest undeveloped nickel saprolite projects in the world – Horizonte has made steady progress in Brazil, and is now on the cusp of releasing a feasibility study for Araguaia – more

     The Long Goodbye – The impending transition of Independence Group’s Long Nickel Mine onto care and maintenance today has felt like anything but a funeral. – 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, May 30

• Three month nickel closed Tuesday’s trading session at $6.76/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today just under the 292,100 tonne level. Steel prices in China have been rising since mid last week, a bullish signal, while the Euro has stalled at the moment, but is in a losing trend against the US Dollar, a bearish drag. The on again, off again possibility of a trade war with China is on again – at least for the moment. Both countries are rattling sabers and the Trump administration, who just last week announced it would suspend the start of new tariff’s on China, is now saying they will in fact go forward. Again, that’s the news at the moment and subject to change with the next tweet. No industry news worth repeating except a few forecast posted below which sometimes contain some news nuggets. Europe stock markets are breathing easier today, while the political struggle in Italy  that is causing concern, continues.
• Average price of cash nickel so far this month – $6.48/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper slips as Italy crisis and U.S.-China trade row feed risk aversion – more
• Reuters Daily Inside Metals – pdf here

  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
• Short Interest in AK Steel Holding (AKS) Grows By 8.3% – more
• China steelmaking materials rebound from multi-week lows as rebar rises – more
• China’s Economy Is Battling Slowdown, Earliest Indicators Show – more
• Treasuries Drop as Italy Panic Eases; Euro Rallies: Markets Wrap – more

     Tuesday’s market review – Nickel and zinc rise as Chinese steel prices recover – Rising steel prices in China helped to boost steelmaking ingredients zinc and nickel on Tuesday despite a stronger dollar making metals more expensive for buyers with other currencies. – more

       Nickel: A messy divorce or amicable split for demand? – Nickel has surged 17% in 2018 with the market gripped by ‘electric vehicle fever’ and buoyed by an exaggerated draw on exchange stocks. – more

      Nickel Bull Market Tied to Strong Growth in Stainless Steel and Electric Vehicle Demand – Nickel has one of the highest-growth demand figures in the metals sector, and analysts expect that trend to continue over the next 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

Tuesday, May 29

• Three month nickel closed Friday’s trading session at $6.70/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and start this short week just over the 294,800 tonne level. If there is some sort of market crisis going on in European markets today, you couldnt tell this by nickel trading. The Euro is getting hammered and this would typically be bad news for metals trading, but not today. Shanghai nickel, which typically plays catch up to the LME, bucked the Friday loss the LME saw, and gained overnight, and LME traders appear to be playing some catchup of their own today. Markets continue to be bullish, with the $15,000 tonne level back on the radar. As far as market news goes, it remains subdued, and with the markets entereing the typically slower summer period, we could be hard pressed to bring you meaningful news daily. Three working days left in May.
• Average price of cash nickel so far this month – $6.36/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Shanghai nickel hits fresh 3-year high as investors go long – more
• Reuters Daily Inside Metals – pdf here
• U.S. Imports of Stainless Steel Mill Products – more
• April 2018 crude steel production – more
• World Steel in Figures 2018 now available – link to pdf here

  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
• Steel Imports Up 12% from Prior Month in April – more
• Italian Bonds Caught in Meltdown Send Global Markets Into Panic – more

     Friday’s market review – Lead cedes ground but still posts biggest weekly rise in 8 months – Lead fell on Friday as some buyers cashed in on a recent rally but the metal still posted its biggest weekly rise since September after this week’s drop in available stocks, and as investors positioned for a market in deficit. – more

      Mining firm bullish on nickel prospects – Listed Nickel Asia Corp., the country’s biggest nickel miner, is banking on the growing global demand for nickel in the next few years to grow its revenue, given the increase in the use of the commodity for the production of batteries for electric vehicles. – more

      China metals companies trade on Shanghai exchange’s new platform – Major state copper and aluminium producers were among the companies that traded almost half a billion yuan of metal on Shanghai Futures Exchange’s (ShFE) new physical trading platform in its debut on Monday, the exchange said. – more

      Norilsk Nickel, Murmansk region agree on state support – Murmansk region will support Norilsk Nickel’s investment project of reconfiguring production at Norilsk Nickel’s Kola MMC division in the amount of RUB 25.7 billion. – more

      Twin Metals updates copper-nickel mine plans, including new location for processing plant – Twin Metals Minnesota on Thursday released new details for its underground copper-nickel mine planned near Ely, including a new location for its proposed processing plant. – more

      China’s Foreign Trade Result of Molybdenum in Jan-Mar 2018 = When compared with year-earlier period, export is down by 8% and import is down by 24% = According to the calculation to figure out volumes in pure Mo equivalent based on China’s customs statistics, the export volume in the period from January to March in 2018 was 6.3478 million lbs (down by 7.6% from the year-earlier period) and the import volume was 7.7208 million lbs (down by 24.0% ditto). – more

     Clive Palmer insists he owes no debt to workers despite asset freeze – Mining magnate and former federal MP Clive Palmer insists he owes his former employees nothing in a testy interview just days after a Queensland court froze hundreds of millions of dollars worth of his assets. – more

• Former Queensland Nickel worker welcomes freezing of Clive Palmer’s assets – more
• Clive Palmer Had A Trainwreck ‘7.30’ Interview About His Huge Alleged Debts – 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, May 24

  US markets are closed Monday for Memorial Day, and LME markets are closed Monday for Spring Bank Holiday. Our next update will be Tuesday, May 29th. Have a safe and relaxing weekend!

• Three month nickel closed Wednesday’s trading session at $6.65/lb . Indicators at 6:00 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Wednesday and started today just under the 296,900 tonne level. Much like last fall’s LME Week festivities, the LME Asia meetings and the ongoing battery demand for nickel caused the metal’s trading value to turn bullish during the meeting, only to sputter afterwards. Unlike the post conference price collapse last year, the market appears to be fighting to hold on to its gains this time around. Stockpiles have fallen nearly 20% this year. To give you an idea of why this is worth watching, last July 1st, stockpiles stood at 371,460 tonnes. Six months later, they ended the year at 366,612 tonnes – a barely noticeable difference. Today, just under 5 months later, they have dropped under the 300,000 tonne level. That is a huge increase in demand, and while there maybe big trading houses playing games with hidden stockpiles making demand appear to be greater that it really is, in this case, we believe that is not the case. We haven’t passed the 6 month mark yet to see where it stands, and we have not yet entered the typical slower demand summer months, but  we are seeing stockpile numbers, still huge, looking far less secure as they were just last year. If the rate of decline were to continue at its current pace, we could be under 250,000 tonnes by the end of this year. Way too early to make that anymore than a wild speculation, but based on stockpiles … we don’t see the long term trend of nickel turning bearish anytime soon.
• Average price of cash nickel so far this month – $6.44/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Lead hits highest since late February, copper steadies – more
• Reuters Daily Inside Metals – pdf here
• Nickel , Zinc , Aluminium , Lead , Natural gas Commodity Report By Enrich Commodities  – 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
• China’s commodity exchanges – more
• Rusal resumes shipments of aluminium to some customers – more
• India takes U.S. steel tariffs complaint to the WTO – more
• Study Shows Robust Economic Impact of American Iron and Steel Industry – more
• Stocks Mixed as Trade Worries Linger; Euro Gains: Markets Wrap – more

     Wednesday’s market review – Copper slides as optimism over U.S.-China trade talks fades – Copper posted its biggest one-day drop in nearly a month on Wednesday as fading optimism that a China-U.S. trade stand-off was at an end knocked appetite for cyclical assets, helping pull the metal from the previous day’s high. – more

      Botswana court reverses ruling to end Tati Nickel’s liquidation – A Botswana court has overturned last month’s High Court decision to take Tati Nickel Mine out of provisional liquidation because the earlier ruling did not consider the impact on creditors. – more

     Chalice targets new growth front in battery metals following acquisition of two highly prospective vanadium-nickel projects – Chalice secures two well-located and prospective vanadium-nickel exploration projects in Australia, providing an ideal entry point to the battery metals exploration space – more

      Clive Palmer Has Written A Book And Parliament Is Not Impressed – Well, as glossy as all 1,200 pages of Clive Palmer’s new book are, they won’t be read by many members of parliament any time soon. – more

      LME Asia Week 2018: Steel and ferrous contract activity rising – Trading contracts introduced in late 2015 by the London Metal Exchange (LME) for ferrous scrap and steel rebar (commonly made from scrap) have seen increasing amounts of activity, according to Matthew Chamberlain, the LME’s chief executive. – more

      ISSF announces winners of Safety and Sustainability Awards – The International Stainless Steel Forum (ISSF) has announced the winners of the Gold, Silver and Bronze Awards in the categories Sustainability and Safety during their 22nd conference (ISSF-22) which was held in Shanghai.- 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, May 23

• Three month nickel closed Tuesday’s trading session at $6.70/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.13/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell below the 300,000 tonne level for the first time in nearly four years, and started the day just under the 297,700 tonne level. The news today, would typically be giving nickel a bullish boost, but other economic news is dragging the entire base metals complex lower. The Euro is slumping again this morning as markets their slump on economic concerns. After bouncing on news of a truce being called between China and the US over the weekend, US equity markets futures are lower this morning on geopolitical concerns after Trump told reporters that he was not happy with the way the talks were progressing. Not typical truce talk, but if this President has proven anything, he is not typical. News that a cobalt trader has invested in a nickel mine is positive news, and confirmation that the talk about future battery demand is more than talk. FocusEconomics gives nickel forecasts for the remainder of 2018 in the article “Nickel prices expected to settle…” below. They forecast the price to average around $5.75/lb by the final quarter of the year, as Russian nickel sanction fears wear off.
• Average price of cash nickel so far this month – $6.43/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper slides as optimism fades over U.S.-China trade talks – more
• Reuters Daily Inside Metals – pdf here

  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
• Commerzbank – “LME nickel’s bounce off the 55-day moving average at $13,853.50 has further to go with the minor $15,000 mark remaining in focus.”
• Stocks Fall, Bonds Gain as Risks Mount; Euro Drops: Markets Wrap – more

     Tuesday’s market review – Lead hits 2-1/2 month peak on tightness, zinc ratio activity – Lead prices touched their highest in 2-1/2 months on Tuesday, supported by concern over potential shortages and as investors sold zinc and bought lead. – more

      Nickel prices expected to settle after Russia sanctions fade – Nickel was last traded at $14,735 per tonne, up 20.2% on a year-to-date basis emerging as the strongest performing base metal so far this year. – more

     Why higher nickel prices are here to stay – Nickel has ruled the non-agri commodity space so far in 2018, with gains of 16 per cent on the LME and 27 per cent on the MCX — almost equivalent to its upside for the whole of 2017. – more

      Highlands Pacific receives multimillion dollar backing from Canadian battery metals company Cobalt 27 – Metals developer Highlands Pacific has received a significant overnight boost with news coming out of Canada that battery metals company Cobalt 27 will be spending US$113 million to capture its cobalt and nickel production from the Ramu Nickel project in Papua New Guinea. – more

      Rox targets improving nickel market – Rox Resources has been busy since winning Explorer of the Year at the 2015 Australian Mining Prospect Awards. – 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, May 22

• Three month nickel closed Monday’s trading session at $6.66/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and now total just over the 300,100 tonne level. Based on the trend, LME nickel stockpiles could fall below the 300,000 tonne level for the first time since June of 2014. US stainless producers didn’t mess around publishing surcharges for June, and you can find them updated (here), and yes, they are higher than May. Traders appear to be using $6.60/lb as a temporary support line for the last few days. The Euro has traded slightly stronger the last few days, which should be helping base metal bulls, but for the most part, the sector has been quiet this week. Reuters Andy Home has written about nickel, which is always worth a read.
• Average price of cash nickel so far this month – $6.41/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper up for 2nd day as U.S.-China trade tensions ease – more
• Reuters Daily Inside Metals – pdf here

  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 Rise as Risk-On Creeps Back; Italy Bonds Up: Markets Wrap – more
• Tropical Pacific still El Niño–Southern Oscillation neutral – more

     Monday’s market review – Copper scores one-week high as U.S. says China trade war “on hold” – Copper rose to a one-week high on Monday as fears over a U.S.-China trade war eased, countering the impact of a rising dollar, while nickel came under pressure from falling ferrous metals prices in China. – more

      Nickel’s star performance underpinned by old and new drivers: Andy Home – Nickel is turning out to be the star performer of the major industrial metals so far this year. – more

      How nickel helps to power the global electric car fleet – There are predictions the global fleet of electric vehicles will hit 16 million by 2025 and nickel is a key metal in the manufacture of the cars batteries. And, as the price of nickel rises, that could put Australia’s miners in the driver’s seat. – video report here

      World Nickel Market Ended Q1 2018 at Marginal Deficit – Global Nickel market ended in deficit, with apparent demand exceeding production by 32 kt during the opening three months of 2018. – more

     Courtesy AISI – In the week ending on May 19, 2018, domestic raw steel production was 1,775,000 net tons while the capability utilization rate was 75.7 percent. Production was 1,718,000 net tons in the week ending May 19, 2017 while the capability utilization then was 73.7 percent. The current week production represents a 3.3 percent increase from the same period in the previous year. Production for the week ending May 19, 2018 is up 1.6 percent from the previous week ending May 12, 2018 when production was 1,747,000 net tons and the rate of capability utilization was 74.5 percent. – more

      Palmer spends big on book while Queensland Nickel creditors go begging – Former politician Clive Palmer is oft described, with a wry smile, as a “larger than life” figure. It would also be a fitting label for his book, which extends to some 1200 glossy pages across two hardback volumes, and weighs in at a hefty 4.5 kilograms. – 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, May 21

• Three month nickel closed Friday’s trading session at $6.69/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and start this week just under the 303,600 tonne level. Nickel has climbed steadily higher, much like we saw earlier during LME Week last fall. Now with LME Week Asia having concluded, it will be interesting to see if this bullish run can stick, or falters again, as it did after LME Week. Last weeks LME conference in Hong Kong was all about the future of battery operated vehicles and the roll base metals will play. More batteries will require more nickel and thus, nickel is trading higher. Much of this demand is anticipated and not reality as of yet. With gas prices climbing, however, we could see an acceleration in that anticipated demand, as electric vehicles gain in appeal. It’s all guesswork at this point, but enough is up in the air, to give speculation some traction. Stay tuned.
• Average price of cash nickel so far this month – $6.40/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper nudges higher as China-U.S. trade war concerns ease – more
• Reuters Daily Inside Metals – pdf here
• Platts Monthly – Metals and Mining Rise To The Challenges of the EV Revolution – online here

  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
• China steel capacity to be brought below 1 bln T by 2025 – assn – more
• EU Steel Prices Steady in May Despite Anxiety in Global Market – more
• U.S. Stock Futures Jump With Dollar on Trade Truce: Markets Wrap – more

     Friday’s market review – Aluminium slips, copper posts first weekly loss in three – Aluminium fell to a two-week low on Friday after news that sanctions-hit Russian businessman Oleg Deripaska would not seek re-election to Rusal’s board of directors, easing concerns that supply from the company would be disrupted. – more

      Electric vehicle rush fuels optimism at LME Asia Week – Rising demand for battery materials cobalt and lithium infused some optimism into an otherwise cautious London Metal Exchange (LME) Asia Week, amid a backdrop of slowing growth in China and escalating trade tensions between it and the United States. – more

• London Metal Exchange takes aim at booming electric car market with new contracts for battery metals – more

      BHP’s EV Plans For Nickel West – More Than Putting Lipstick On A Pig – In August 2017, BHP Billiton (BHP) revealed plans to join the EV boom by investing USD 43mn in a sulfate plant at the Kwinana refinery in Western Australia, which forms part of its Nickel West division. – more

      Vale Boss Prefers Giving Away Windfall to Avoid Sins of the Past – Vale SA, once the most generous dividend payer among major mining companies, may be poised to regain that status with its chief executive officer nearing debt targets and unwilling to hoard cash or rush into deals. – more

       Production Plan for Special Steel Products in Apr-Jun 5.1955 Mil. Tons = Up by 2% from year-earlier period = On May 11, the Ministry of Economy, Trade and Industry made clear the production plan for hot-rolled special steel products in the period from April to June in 2018. – more

      Rushing to Ruin the Boundary Waters Wilderness – Minnesota prides itself on being “the Land of 10,000 Lakes.” At least 1,100 lie in the far northeastern part of the state, along the border with Canada, where more than a million acres of pristine waters and unspoiled woodlands are interspersed with canyons, steep cliffs and huge rock formations shaped by glaciers during the last ice age. – 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, May 17

• Three month nickel closed Wednesday’s trading session at $6.57/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just under the 306,100 tonne level. Yesterday’s loss negates the possibility that the huge 8,934 tonne gain on May 3rd will make this month the first gainer in LME stockpiles in many moons. Cancelled warrants fell below the 30% level today for the first time since early March. That is from a high of over 40% we saw at the beginning of early April. It would appear. that since this downtrend has been going on since April, that the big trading houses are becoming less confident in nickel on one hand, while trying another bull run on the other. It will be interesting to see which proves to be the winning hand. This is our last update for the week, so we hope each of you has a safe and relaxing weekend.
• Average price of cash nickel so far this month – $6.35/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper cuts gains on firmer dollar, worries over Chinese demand – more
• Reuters Daily Inside Metals – pdf here

  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
• Steel micro mills: When less is more – more
• EU Hardens Against Trump With United Stand on Trade and Iran – more

     Wednesday’s market review – Copper buoyed by upbeat Chinese data, capped by strong dollar – Copper ended marginally higher on Wednesday after two losing sessions, with the uplift from encouraging Chinese home sales data capped by a stronger dollar. – more

      Metals entering new longer, shallower bull cycle as inflation turns – Metals markets are moving into a new bull cycle that will be longer and shallower than the last, driven by rising inflation and dispersed demand growth, panelists said at the LME week Asia conference in Hong Kong. – more

      How Rusal escaped the noose of U.S. sanctions – On April 23, the U.S. Treasury eased restrictions on billionaire Oleg Deripaska’s aluminum company Rusal. Instead of barring Rusal from international markets, which is what the United States originally intended to do, the Treasury suggested it might lift the sanctions altogether. – more

      Sumitomo Metal Mining’s Ni Production and Sales Volumes in FY2017 = Production volume is 73,293 tons, down by 4% from prior year = On May 10, Sumitomo Metal Mining Co., Ltd. announced its consolidated business result in the fiscal year 2017 (from 1 April 2017 to 31 March 2018). – more

      S Korea to start anti-dumping probe into stainless steel bars from Italy, Taiwan – South Korea will start anti-dumping investigations into stainless steel bar imports from Italy and Taiwan, the Ministry of Trade, Industry and Energy Thursday said. – more

      ‘We’re not going out there to die’, the site firefighters refuse to attend – Firefighters are refusing to attend blazes at Clive Palmer’s Queensland Nickel refinery due to major safety concerns. – 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, May 16

• Three month nickel closed Tuesday’s trading session at $6.54/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started the session just under the 307,700 tonne level. After closing lower yesterday, the bears took another stab early in today’s session, but nickel bounced off $6.47/lb and has spent most of the session around where it closed Tuesday’s session. WBMS has released January thur March figures, and has put the deficit for the first three months of the year at a mere 32 kt. LME stockpiles fell from 366,612 kt to 320,586 in those three months and the latter figure compares with a LME reading of 377,514 tonnes at the end of March 2017. The US Dollar continues to add negative pressure on the Euro, and thus, Euro traded base metals. It will be interesting to see what happens when England leaves the European Union and what the LME will do about the Euro. But that is a journey for another day.
• Average price of cash nickel so far this month – $6.33/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper struggles as dollar hovers near five-month peak – more
• Reuters Daily Inside Metals – pdf here

  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
• European steel mills targeting increases for H2 contracts – more
• Stock Declines Ease, Bonds Gain as Dollar Edges Up: Markets Wrap – more

     Yesterday’s market review – Copper falls as dollar and inventories climb – Copper fell on Tuesday under pressure from negative sentiment fuelled by a higher dollar and rising inventories, though upbeat industrial production data from China offered some support. – more

      Russian billionaires trade barbs as Potanin testifies in court – In the second day of London court hearings, billionaire Vladimir Potanin couldn’t pass up the chance to throw a few barbs to his long-running rival Oleg Deripaska. – more

      The Nickel market was in deficit during January to March 2018 with apparent demand exceeding production by 32 kt. In the whole of 2017 the calculated deficit was 96.0 kt. Reported stocks held in the LME at the end of March 2018 were 46 kt lower than at the end of the previous year. Refined production in January to March 2018 totalled 422.7 kt and demand was 454.7 kt. – source and more

      Zim, China sign $1 billion deal… investment to create 25 000 jobs – Zimbabwe has reportedly signed a $1 billion deal with a Chinese firm to build a 400 megawatts coal methane-fired power plant in Matabeleland North Province and setting up new ferrochrome smelters at Zimasco. – more

      1 Miner to Take Advantage of the Optimistic Outlook for Nickel – The outlook for base metals is bullish because of the global economic upswing gaining further momentum, as the U.S. economy gains steam, and key emerging markets, India and China, continue to grow at a rapid clip. – more

      ‘The river is dead’: is a mine polluting the water of Brazil’s Xikrin tribe? – Federal courts are battling to shut down a nickel mining plant said to be contaminating the Cateté river – a charge the company denies – 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, May 15

• Three month nickel closed Monday’s trading session at $6.58/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Monday and started the session just under the 308,500 tonne level. Bullish speculators are firmly in control of nickel trading this week, and with no real news to justify a spike in price, the motivation behind the run is questionable. Steel production numbers for China came in higher than expected, in light of the pollution crackdown there. The Euro isn’t offering any help, with its recent mini rally appearing to have peaked out yesterday morning, with losses recorded since. Market has moved back into volatile territory. In these kind of conditions, one can make a lot of money, and just as easily lose a lot. For nickel buyers and down stream stainless steel buyers, daily decisions must be made that can be equally tricky. The market the last few days appears to be bullish on more of a hope and a prayer, than on any concrete evidence.
• Average price of cash nickel so far this month – $6.31/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – LME copper eases for 2nd day on supply pressure – more
• Reuters Daily Inside Metals – pdf here

  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
• China’s steelmaking raw materials extend gains on firm demand outlook – more
• China Data Shows a Hint of Slowdown While Factories Still Hum – more
• Stocks Struggle Amid Risk-Off Mood; Bonds Retreat: Markets Wrap – more

     Monday’s market review – Tight supplies lift lead from nine-month lows, copper slips – An increase in copper stockpiles on Monday pushed down prices of the metal used in power and construction, while lead continued to rise from nine-month lows on fears of tight supply. – more

   China’s Apr crude steel output hits new record high at 76.7 mil mt, up 5% on year – China’s crude steel output in April hit a new record high at 76.7 million mt, up 4.8% year on year, data released Tuesday by the National Bureau of Statistics showed. – more

     Russian billionaires take boardroom battle to London High Court – Russia tycoon Oleg Deripaska gave evidence in the London High Court on Monday in a case challenging the sale of shares in Norilsk Nickel (Nornickel) by soccer club owner Roman Abramovich. – more

• Oligarchs Abramovich and Deripaska Take Boardroom Battle to London Court – more

     Clive Palmer moves to freeze Queensland nickel liquidator sale – Clive Palmer, owner of Queensland Nickel’s liquidated Yabulu refinery, is trying to freeze an attempt by liquidators to sell the assets to PwC. – more

      Sinosteel to invest $1 bln in Zimbabwe, lift ferrochrome output – China’s Sinosteel Corporation has agreed to invest $1 billion in Zimbabwe to build a power plant and increase ferrochrome output, the southern African country’s president Emmerson Mnangagwa said on Monday. – more

     Uranium trash could be a cobalt and nickel treasure for Vital Metals – There’s nothing quite like finding treasure at a uranium exploration waste dump. Diversified explorer Vital Metals this morning gained 13 per cent to 0.9c on news it found cobalt and nickel at its Aue Project in a historic German waste dump. – more

      Courtesy AISI – In the week ending on May 12, 2018, domestic raw steel production was 1,747,000 net tons while the capability utilization rate was 74.5 percent. Production was 1,718,000 net tons in the week ending May 12, 2017 while the capability utilization then was 73.7 percent. The current week production represents a 1.7 percent increase from the same period in the previous year. Production for the week ending May 12, 2018 is down 1.8 percent from the previous week ending May 5, 2018 when production was 1,779,000 net tons and the rate of capability utilization was 75.9 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, May 14

• Three month nickel closed Friday’s trading session at $6.38/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.15/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Thursday and Friday and start the week just over the 311,400 tonne level. Nickel closed above the psychologically important $14,000/tonne on Friday and bullish traders are on a roll today. A stronger Euro is offering the market some support, but not enough to explain today’s bounce. If the market can hold onto its morning gains, it would close above the channel it has been trading in for some time. It still has a long way to go to match April’s highest trading prices however. Looks like an interesting week ahead for LME nickel, so we invite you back as we follow the market every morning, Monday thru Thursday. Enjoy your week!
• Average price of cash nickel so far this month – $6.28/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Aluminium eases for 3rd session on price correction – more
• Reuters Daily Inside Metals – pdf here
• Scotiabank Metals Market Outlook 2Q2018 Update – pdf here

  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
• European Stocks Retreat With Bonds; Dollar Slips: Markets Wrap – more

     Friday’s market review – Aluminium ends the week lower on price correction – Aluminium fell to its lowest in a week on Friday and ended the week in negative territory as the market corrected after a recent price surge on U.S. sanctions against the world’s second-largest producer and its major shareholder. – more

     Russian billionaires’ Nornickel tussle to go to trial on Monday – A London High Court trial over the legality of Russian billionaire Roman Abramovich’s sale of a stake in Norilsk Nickel will start on Monday, part of a long-running battle for control of the miner. – more

     Prices of Ni-containing Stainless Sheets in EA Show No Fluctuations – The export market of nickel (Ni)-containing stainless steel sheet in East Asia has shown no sign of price fluctuations in May. – more

     Production Volume of SUS Products in February 2018 Is 246,564 Tons = Down by 3% from prior month, and only production of Cr-Mn-type and Ni-Cr-Mo-type of products is up = The Ministry of Economy, Trade and Industry announced the production volume of stainless steel products (hot-rolled products) in February 2018 was 246,564 tons, which was down by 3.3% from the prior month but up by 5.9% from the year-earlier month. – more

     Three hurt in industrial accident at Glencore’s Sudbury operations – One worker in critical condition, another two treated for non-life-threatening injuries following May 9 incident  – more

     Tanzania cancels licence of Barrick, Glencore nickel project – Tanzania has revoked a retention licence for an undeveloped nickel project jointly owned by Barrick Gold Corp and London-listed miner Glencore Plc as part of enforcement of a new mining regime. – more

• Barrick and Glencore upbeat about licence for Tanzanian nickel venture – more

     Ukraine Jan-Apr nickel ore imports up at 458,920 million mt, manganese ore down to 358,130 mt on year – Ukraine’s imports of nickel ore and concentrate in the first four months of the year rose 6.6% year on year to 458,920 million mt, the state customs service said Thursday. – more

     Clive Palmer vows to block merger of PPB Advisory and PwC over Queensland Nickel collapse – Queensland businessman Clive Palmer has lodged a court action in an attempt to block the proposed merger of insolvency specialists PPB Advisory and accounting giant PwC as part of a broader skirmish over the $300 million collapse of his Townsville nickel refinery. – 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, May 10

• Three month nickel closed Wednesday’s trading session at $6.32/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 now total just over the 312,600 tonne level. The $14,000 per tonne level appears to be putting up a psychological, if not technical, line of resistance. After falling below the level on the 27th of March, nickel has only closed above that level (by $25/tonne) once. The Euro fell early in the week against the US Dollar, and has been choppy since. The US Dow is on a five day winning streak, and if it maintains a gainer today, it will be its best winning streak since February. Traders have brushed aside geopolitical concerns, at least for the time being. On the nickel news front, this week has been fairly quiet again, and with the industry entering the quieter summer months, we aren’t expecting the headlines to start popping anytime soon. Which, in an industry only a few headlines away from volatility, can be a good thing. This is our last update for the week and we hope each of you has a safe and entertaining weekend.
• Average price of cash nickel so far this month – $6.28/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – London copper rises as inventories plunge; aluminium slips – more
• Reuters Daily Inside Metals – pdf here
• 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
• How Trump’s steel tariffs kick the can business – more
• Dollar Drops as Treasuries Climb; Oil Extends Gain: Markets Wrap – more

     Wednesday’s market review – Copper rises as demand hopes hem prices into range – Copper rose on Wednesday as expectations for solid demand this quarter helped the metal claw back some lost ground after it fell 1 percent in the previous session, although caution over the Iran nuclear deal kept a lid on gains. – more

      FPX Nickel says nickel prices will continue to rise after years of being in oversupply – FPX Nickel Corp CEO Martin Turenne tells Proactive Investors what he finds so appealing about the nickel market and how the exploration company’s latest projects fit in the space. – more

      LME Ni Average Price in April Up by 4% from Prior Month = Swinging up and down wildly each and every day in latter half of month due to U.S. sanction against Russia = LME monthly average nickel price in April 2018 was Cash seller: US$13,9347.50 per ton (US$6.321 per lb) and 3-month seller: US$13,970.75 per ton (US$6.337 per lb). – more

      Rox spins off gold to focus on nickel find – Nickel explorer Rox Resources is looking to take advantage of a buoyant gold market to spin out its Mt Fisher gold project, 270km north-east of Leonora, into a new company. – more

      How increased Chinese smelter output could hit the global markets – The next generation of zinc mines are ready to supply but are smelters able to treat all the concentrate? Indeed, a bottleneck on the smelting side underpins our view of rising concentrate inventories over the next few years, resulting in higher treatment charges. – more

      U.S. Senate candidate says foreign billionaires behind region’s copper-nickel push – Can a campaign against corruption elevate a University of Minnesota law professor to the U.S. Senate in the age of Trump? – 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, May 9

• Three month nickel closed Tuesday’s trading session at $6.30/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today’s session just under the 313,500 tonne level. Stainless steel prices are finally increasing in Asia, up nearly 1-1/2% in the last week. Steel prices, on the other hand, are sliding from a high hit early last week. President Trump announced yesterday he was pulling the US out of the Iran agreement, undoing yet another of the former President’s accomplishments. Except for a tax cut, Trump has basically spent his time and efforts undoing the last eight years, only failing when it came to getting Congress to undo the nicknamed ‘Obama-care’. While it remains to be seen what the long term effect on nickel prices will be, oil traders should see their bullish market continue, with the Iranian embargo coming on the footsteps of the Venezuelan oil collapse. Nickel traders are more interested in the ongoing talks between China and the US in light of President Trump’s announced tariff’s, and threat of more. Traders should keep an eye on New Caledonia, with the recent SLN shut down’s there, now being blamed on vandals.
• Average price of cash nickel so far this month – $6.29/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper rises as demand hopes hem prices into range – more
• Reuters Daily Inside Metals – pdf here

  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
• Here’s What Oil at $70 Means for the World Economy – more
• China’s steel raw materials extend gains on restocking bets – more
• Oil Jumps, Treasury Yield Hits 3% as Dollar Stalls: Markets Wrap – more

     Tuesday’s market review – Copper falls as stronger dollar overpowers positive China data – Copper prices fell on Tuesday as the effect of a strengthening dollar overshadowed positive trade data from China, the world’s largest consumer and producer of industrial metals. – more

      Fears of job losses due to New Caledonia mining vandals – There are fears of massive job losses in New Caledonia as a result of continued vandalism at the Kouaoua mining site. – more

      Price Hikes To Improve Steelmakers’ Profitability In Current Quarter – Indian steel producers could see higher profitability in the current quarter after hiking prices in May even as raw material prices fell. – more

      This Is The Best Performing Commodity Of 2018 So Far – Nickel, the best among base metals, returned 8 percent, while aluminium and steel prices fell 0.1 percent and 4.2 percent, respectively. – 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, May 8

• Three month nickel closed Friday’s trading session at $6.36/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and start the trading week just over the 313,600 tonne level. After a three day weekend, LME markets have reopened with a thud, and traders may be waiting to see if the Iran announcement today will have an adverse affect on the US Dollar, which is currently trading at 2018 high’s. The strength in the US Dollar is adding negative pressure to Euro traded base metals. President Trump is scheduled to announce his decision on the Iran agreement today, and while European leaders have pleaded with him to leave it alone, traders appear to believe he will tear up the deal with oil trading over $70/barrel yesterday, for the first time in three years. Nickel has climbed out of the $5.83/lb to $6.31/lb range it has traded fairly consistently in since the end of January. For the last few weeks, it has held to a $6.12/lb to $6.43/lb range. With the ‘Trump factor’ becoming an important “fundamental” to follow in commodity trading, and the unpredictability of this new fundamental, the future price of nickel, which should be bullish, remains anyone’s guess.
• Average price of cash nickel so far this month – $6.28/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper up for fourth session, zinc rises on China growth hopes – more
• Reuters Daily Inside Metals – pdf here
• U.S. Exports of Stainless Steel Mill Products – 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
• Cru Group has nickel forecasted to average $6.13/lb in 2018
• U.S. protectionism causes glut in European steel supply – more
• Graphite electrode woes continue to plague global steelmakers – more
• Growing US, China trade tensions pose ‘significant risk’: economist – more
• European Stocks Slip After Asian Gains; Oil Drops: Markets Wrap – more
• Tropical Pacific remains El Niño–Southern Oscillation neutral – more

     Friday’s market review – Base metals rally, zinc recovers after hitting 9-month low – Base metals rallied on Friday as disappointing U.S. employment data was not enough to change investors’ overall bullish view of the U.S. economy, and after China reported some progress in trade talks with the United States. – more

      Cuba’s Canadian mining partner is bullish on nickel outlook – Nickel is back on investor radar screens amid hopes that growing electric vehicle demand will boost consumption of the base metal. – more

       Ramu Nickel achieves record cash inflow – Ramu Nickel Cobalt Project has achieved a record unaudited net cash inflow of $89 million (K273 million) for the March Quarter. – more

      As China leads the hunt for deep-sea minerals, environmental and financial concerns come to the surface – Nasa may be scouring deep space for signs of life. Elon Musk might be looking to Mars. China’s scientists have had an eye cast skyward too – but, at the same time, the country seems keenly focused on challenges much closer to home – mineral riches in our oceans. – more

      Survey shows support for copper-nickel mining – A survey commissioned by a pro-mining group shows support for copper-nickel mining among voters in Minnesota’s 8th Congressional District. – more

      Zimbabwe miner looking at refinery upgrade for battery grade lithium – A Zimbabwean mining company is considering upgrading a local nickel refinery to produce battery grade lithium or alternatively build a new lithium carbonate plant at a cost of up to $150-million, its managing director said on Monday. – more

      Courtesy AISI – In the week ending on May 5, 2018, domestic raw steel production was 1,779,000 net tons while the capability utilization rate was 75.9 percent. Production was 1,719,000 net tons in the week ending May 5, 2017 while the capability utilization then was 73.7 percent. The current week production represents a 3.5 percent increase from the same period in the previous year. Production for the week ending May 5, 2018 is up 1.4 percent from the previous week ending April 28, 2018 when production was 1,754,000 net tons and the rate of capability utilization was 74.8 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

Thursday, May 3

• Three month nickel closed Wednesday’s trading session at $6.34/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses rose by 8900+ tons and now register just under the 315,700 tonne level. That is enough of a gain to erase the last three weeks of losses. Nickel jumped higher yesterday on warnings from Moody’s that when electric cars become widely produced, nickel producers may not be able to keep up. Traders who still remember early 2007 turned bullish on the news, and it won’t be until traders remember the latter half of 2007, before they calm down. Just when we finally got some news for the week, from the bullish Moody’s analysts, we also get news today that there is a glut of stainless steel in China and a huge increase in LME stockpiles. Nickel is trading above its long term band for a second time in less than three weeks, which could also send a bullish signal to traders. So will May 1st prove to be the bottom for another bullish run, or are we watching another dead cat bounce? Stay tuned. LME markets are closed on Monday to celebrate the May Day holiday, so our next update won;t be until Tuesday. We hope each of you has a safe and relaxing weekend, and invite you back next week.  
• Average price of cash nickel so far this month – $6.24/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Zinc bounces off December lows as dollar on back foot – more
• Reuters Daily Inside Metals – pdf here

  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
• Economists Invoke Great Depression in Warning to Trump on Trade – more
• Euro Area’s Unexpected Inflation Slowdown Muddies ECB Debate – more

     Yesterday’s market review – Copper, nickel bounce off lows after China factory data, steel rally – Copper and nickel bounced off multi-week lows on Wednesday as Chinese steel prices soared and a private survey showed growth in China’s manufacturing sector unexpectedly picked up in April. – more

      Stainless steel glut builds in China as Indonesia ups output – An abundance of stainless steel in China following the ramp up of new production in Indonesia is threatening stainless mills globally and the nickel producers that supply them. – more

      Is the nickel market hurtling towards a supply crunch? – As nickel market dynamics firm and the pipeline of nickel exploration projects remains dry, the outlook for the commodity continues to look bullish, with some analysts claiming we are headed for a supply crunch in the not-too-distant future. – more

• Goldman says case for owning commodities has ‘rarely been stronger’ than it is now – more

     Lanfranchi looms as linchpin in Kambalda nickel consolidation – Leading Perth corporate adviser Liam Twigger says Panoramic Resources’ decision to invite offers for its mothballed Lanfranchi nickel operations could open the door to the consolidation of the historic Kambalda nickel district. – more

      Glencore 1st Quarter Production In Line, Keeps 2018 Guidance – Glencore PLC said Thursday first-quarter production was in line with expectations across all its commodities as it held firm to its 2018 guidance. – more

      AISI names AK Steel CEO next chairman – The American Iron and Steel Institute (AISI) has elected AK Steel chief executive Roger Newport as its chairman through May 2020. – 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, May 2

• Three month nickel closed Tuesday’s trading session at $6.19/lb . Indicators at 6:10 am CST today show 3 month nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME approved warehouses registered no change yesterday and continue to read just under the 306,800 tonne level. The Shanghai Metals Market reopened today, after a four day May Day weekend and nickel there dropped to catch up with the LME. After doing absolutely nothing yesterday, the bulls are testing to see if the bears have run out of gas, and prices are higher early on. Technical indicators are mixed with stochastic readings still reading overbought. Very little trade news out there, and hopefully with the world back to work, we will have a little more for you tomorrow.
• Average price of cash nickel so far this month – $6.17/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper bounces off one-month low after firm China factory data – more
• Reuters Daily Inside Metals – pdf here

  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
• China’s Handan orders 25 percent steel production cut from April 1 – more
• U.S. to operate quotas on steel despite tariff exemptions -White House advisor – more
• Stocks Climb, Dollar Retreats Before Fed Decision: Markets Wrap – more

     Tuesday’s market review – Copper slips to 4-week low as China concerns and dollar weigh – Copper prices hit their lowest in nearly four weeks on Tuesday due to worries about demand from top consumer China and a stronger dollar ahead of a monetary policy decision from the U.S. Federal Reserve. – more

      Shortfall in battery metals to slow electric vehicle growth, Moody’s says – Supply constraints in metals such as cobalt, copper, lithium and nickel likely will slow production of batteries that power electric vehicles, Moody’s says in a new analysis. – more

      Police warn anti-mining groups in Temotu not to block roads – Police in Solomon Islands are warning anti-mining groups in Temotu Province not to set up road blocks or throw objects at vehicles on public roads. – more

      Amur Minerals estimates Kun-Manie nickel costs will be below industry average – Based on in-house data, the Life Of Mine C1 cost per pound of nickel is projected to range from US$2.61 to US$2.77 – 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, May 1

• Three month nickel closed Monday’s trading session at $6.20/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and now total just under the 396,800 tonne level. Base metals are trading quietly this morning, possibly because most of the world is on a May Day holiday break today. LME will close next Monday to celebrate the holiday. Nickel continued to trade lower yesterday, with the rate of decline picking up a little speed the last two trading sessions. If the market can maintain its laziness today, it could potentially slow down the rate of decrease. For months nickel traded in a $5.83 to $6.30/lb channel, and after a spurt in late April, we are now back in this channel. Cash nickel on the LME did average higher in April than it has so far this year – about $.16/lb higher than it averaged in February. Vale isn’t sure it wants to continue mining nickel in New Caledonia, which is sending a bearish signal to the very market it complains is trading nickel too cheaply. Happy May Day to most of the world, and enjoy your day to the rest of us.
• Average price of cash nickel so far this month – $6.32/lb (average for April)
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – London copper drops to three-week low on stronger dollar, China holiday – more
• Reuters Daily Inside Metals – pdf here

  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
• FPX – International Nickel Study Group (INSG) out with a market report this week forecasting a 117kt deficit in the nickel market this year vs ~100kt in 2017.
• Dollar Extends Gain; Stocks Mixed in Muted Trading: Markets Wrap – more

     Monday’s market review – Copper climbs on report showing resilient Chinese economy – Copper edged up on Monday on expectations of higher demand from top consumer China after a report showed a resilient economy despite a modest monthly decline in manufacturing activity. – more

      Press Release – For the month of May 2018, North American Stainless will increase the fuel surcharge to 25% for stainless flat and long products. The surcharge rate is considered a maximum level for May and will be reviewed monthly. – source

      Global Growth In Stainless Steel Output To Continue – Worldwide crude stainless steel production, in 2017, reached an all-time high total of nearly 48.1 million tonnes. – more

      South Korea Seeks for AD Investigation on Chinese Stainless Sheets – According to stainless steel-related sources, South Korea seems to follow in Taiwan’s steps to initiate anti-dumping (AD) investigation on stainless steel sheets from China. POSCO of South Korea is likely to request the investigation. – more

      China’s metals trade is facing a year of upheaval: Andy Home – China’s trade in industrial metals looks set for significant upheaval this year as the country adapts to fast-evolving supply chains. – more

      U.S. Extends Steel Tariffs Relief for EU and Other Allies – President Donald Trump will delay imposing steel and aluminum tariffs on the European Union, Mexico and Canada until June 1 as he finalizes deals with them, the White House said in a statement. – more

      Courtesy AISI – In the week ending on April 28, 2018, domestic raw steel production was 1,754,000 net tons while the capability utilization rate was 74.8 percent. Production was 1,721,000 net tons in the week ending April 28, 2017 while the capability utilization then was 73.8 percent. The current week production represents a 1.9 percent increase from the same period in the previous year. Production for the week ending April 28, 2018 is down 1.9 percent from the previous week ending April 21, 2018 when production was 1,788,000 net tons and the rate of capability utilization was 76.3 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

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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.