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

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Thursday, September 28

• Three month nickel closed Wednesday’s trading session at $4.64/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.01/lb higher. Stockpiles of nickel stored in LME approved warehouses rose on Wednesday and now total just under the 385,000 tonne level. It is wise to keep in mind LME nickel inventories started the year at 372,066 and hit a 2017 high of 389,154 tonnes just three weeks ago. Lot of talk about demand, or the hopes of future growth thanks to a shift to electric powered vehicles,  but the fact remains, even with nickel mines shut down due to low prices, we are still producing as much, if not more nickel, than we are using. Markets may like to speculate on the future, but in reality, it is speculation. The reality at the moment – supply is having no problem keeping up with demand. If China does outlaw fossil fuel vehicles, then we could see a huge increase in nickel demand. But telling 300,000,000 plus passenger car owners that their new vehicle may be allowed on the road in the near future will not be an easy venture, so if such a massive conversion process is made, it will not be an overnight process. So speculating on the price of nickel now on something that may or may to happen way down the line, is re-defining risk. This is our final update for the week so we wish our readers a safe and relaxing weekend and invite you back next week. Could be a slow week with China shut down for holiday.
• Average price of cash nickel so far this month – $5.14/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper drifts lower ahead of quarter end, China holiday – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• (SO) Outokumpu adds graphite electrode costs to its stainless steel prices
• Bonds Slide on Tax Plan, Economy; Golds Edges Down: Markets Wrap – more

     North American Stainless Press Release – For the month of October 2017, North American Stainless will increase the fuel surcharge to 22% for stainless flat and long products. The surcharge rate is considered a maximum level for October and will be reviewed monthly. – more

     Indonesia’s Virtue Dragon smelter ships first nickel pig iron – A China-backed Indonesian nickel pig iron smelter made its first shipment last month and expects production this year of about 100,000 tonnes, a company official said, despite an Indonesian policy shift on ore exports. – more

     August Steel Shipments Up in U.S., Canada – Shipments of U.S. and Canadian steel products increased in August, but Canadian aluminum shipments saw a slight year-over-year decrease during the month, according to the latest Metals Activity Report from Rolling Meadows, Ill.-based Metals Service Center Institute. – more

     Trial mining starts at Sconi – Trial mining has started at the Sconi nickel/cobalt/copper project, in Queensland, with 20 t of bulk sample materially successfully mined. – more

     Reconstruction of Alaska Smelting Plant begins – Reconstruction of the Alaska Smelting Plant has started nearly two decades after the facility owned by the Zimbabwe Mining Development Corporation, stopped operations. Alaska was shut down at the turn of the millennium following the closure of Mhangura Copper Mines-also owned by the ZMDC, which provided concentrate for the smelter. – more

     Queensland Nickel court case: Court hears of Clive Mensink’s ‘willful blindness’ – Fugitive former Queensland Nickel boss Clive Mensink has chosen to go “incommunicado” overseas while his uncle Clive Palmer’s companies pay him more than $8000 a fortnight, a court has heard. – more

• Palmer launches fresh attack on Turnbull over Queensland Nickel – 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, September 27

• Three month nickel closed Tuesday’s trading session at $4.75/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses rose on Tuesday and started today’s session just over the 385,150 tonne level. Nickel continues to trade within a $4.70/lb to $4.80/lb trading range, as it has since it fell into this price region on Friday. Reuters reports a spike in premiums for nickel in Shanghai, which they report could be short holders covering bets before a week long holiday next week. All eyes remain on China steel production and prices and this holiday is going to put a crimp in spotting a trend. The anti pollution measures the country is taking seem to carry a lot more bite over previous attempts have and metals analysts are warning of the potential of a dent in future steel production in that country. On the other hand, miners are pushing the potential break out in demand due to a swing in electric cars – with China once again potentially leading the way by phasing out all fossil burning cars for private use.
• Average price of cash nickel so far this month – $5.16/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper rises 1 pct after five days of losses – more

  Reports

• U.S. Imports of Stainless Steel Mill Products – more
• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Steel Imports Up 21% YTD Over Same Period In 2016 – pdf here
• Everyone wants cobalt, but few want to get tangled up in the world’s largest producing nation – more
• Dollar Gains on Yellen, U.S. Tax Plan; Bonds Slump: Markets Wrap – more

     China’s drive for cleaner air is the ‘next big problem for commodities’ – China’s plans to tackle pollution over the winter could be the “next big event to unsettle global commodity prices”, and plant closures may be compounded by restrictions on transport and construction, according to Morgan Stanley. – more

     Chinese steel price uplift as industry health improves – This CRU Insight is the second in a series of five that look at China’s capacity reduction programme and its key implications. – more

     The Nickel Market: Investing Ahead of the Crowd — Part 1 – Brian Leni of the Junior Stock Review lays out key information for investors in this in-depth overview of the nickel market. – more

     China steel outlook hazy as iron ore, steel prices fall – Chinese steel output and demand is likely to weaken in the short term, pressing on seaborne iron ore and met coal prices, after China’s steel output surged to new records earlier this year, market participants said. – more

     China markets will be closed next week for National Day celebration. – more

    European stainless steel surcharges hit four-month highs in October – Monthly alloy surcharges on austenitic grades of stainless steel flat-rolled products in Europe are up to four-month highs in October, driven primarily by the recent nickel price rally, according to latest mill announcements. – more

     Afarak to acquire Zeerust chrome mine – LSE- and Nasdaq-listed Afarak Group will, through its South African subsidiary Afarak Mining Limited, acquire a 70% interest in Zeerust Chrome Mine (ZCM) from Afrika Mineral Trading & Investment Trust, for R20-million. – more

     Meet Tony Donaghy at the Australia Paydirt Conference 2017 – CSA Global Principal Consultant, Tony Donaghy, is looking forward to meeting you at The Australian Nickel Conference at the Pan Pacific Perth on Tuesday 17 October. – more

• Australian Nickel Conference – 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, September 26

• Three month nickel closed Monday’s trading session at $4.80/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb lower. Stockpiles of nickel stored in LME approved warehouses rose sharply on Monday, adding over 2700 tonnes and now totals just under the 383,300 tonne level. Traders are apparently looking at $4.75/lb as a weak support level, while we show $4.70 would be more chart based. Regardless, traders are fighting to get the slide in the traded price of nickel under control.  Over the past week, the US Dollar has continued to strengthen against both the Euro and the Yuan, which is adding negative pressure on base metal trading. Morgan Stanley is concerned China’s latest attempt to curb pollution could potentially disrupt China’s recovery in steel production and thus hurt demand in base metals.
• Average price of cash nickel so far this month – $5.18/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper claws back lost ground after four-day run lower – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Afarak Group notes that the European benchmark ferrochrome price has been settled at USD 1.39 per pound for the fourth quarter of 2017, an increase of 26.4% from the USD 1.10 per pound price in the third quarter of 2017.
• Tweet – China August refined nickel imports down 39.1% y/y at 18,159 tonnes
• Euro Drops, Stocks Mixed as Korean Crisis Simmers: Markets Wrap – more
• Tropical Pacific Ocean cooling expected to continue – more

     World stainless steel demand and output near double-digit growth in 2016 – WBMS – Having dipped in 2015 global consumption and production of stainless steel jumped by around 9% and 10% respectively in 2016 as the latest data from the World Bureau of Metal Statistics (WBMS) shows. – more

     Nickel, zinc rebound; China economy jitters cap gains – London zinc and nickel rose on Monday, rebounding from declines in the previous session, but price gains were limited as investors remained cautious on the outlook for the economy in China, the world’s top metal consumer, and for the U.S. dollar. – more

   LME Nickel Prices to Hover at Lows (2017-9-26)  – Stainless steel sales cooled, with finished-product price down. LME nickel is expected to hover at lows today, weighed down by lower stainless steel prices. – more

     BHP sees metals demand rise on e-mobility, China projects – The world’s biggest mining company has forecast growing demand for its raw materials as 2017 looks set to be the “tipping point” for electric cars, and China’s Belt and Road initiative will boost global iron ore demand. – more

     China’s ‘Unprecedented’ Anti-Pollution Drive to Rattle Metals – China’s plans to tackle pollution over the winter could be the “next big event to unsettle global commodity prices,” and plant closures may be compounded by restrictions on transport and construction, according to Morgan Stanley. – more

     Brazil to reinstate protection for Amazon reserve – Brazil will reinstate a mining ban in a vast area of the Amazon rainforest, the government announced on Monday, in an about-face that is a victory for environmentalists who feared deforestation. – more

     Courtesy AISI – In the week ending on September 23, 2017, domestic raw steel production was 1,720,000 net tons while the capability utilization rate was 73.8 percent. Production was 1,591,000 net tons in the week ending September 23, 2016 while the capability utilization then was 68.0 percent. The current week production represents a 8.1 percent increase from the same period in the previous year. Production for the week ending September 23, 2017 is down 1.4 percent from the previous week ending September 16, 2017 when production was 1,745,000 net tons and the rate of capability utilization was 74.9 percent. – more

     Clive Palmer’s fugitive nephew ‘travelled on company credit card holiday’ – One of Clive Palmer’s most trusted employees has told a court she used the company credit card to organise and pay for the overseas holiday of Mr Palmer’s fugitive nephew Clive Mensink, who has two outstanding arrest warrants. – more

• Clive Palmer’s PA is grilled about Mensink – 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, September 25

• Three month nickel closed Friday’s trading session at $4.73/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Thursday and fell on Friday and start the week just under the 380,600 tonne level. Nickel’s September correction continues with the downtrend firmly in place since Thursday afternoon and after a noticeable cliff dive on Friday. Nickel has done little to recover today, and in fact, continues to slide. Unless we see something extraordinary this afternoon, it would appear the $5.00/lb level is now in the history books yet again. US stainless steel surcharges are out and based on the two we follow, AK and Allegheny, we are seeing a big monthly jump, but still have yet to set a new surcharge high for 2017. And while ferrochrome prices are on the rise, nickel surcharges for November appear to be heading lower. That is of course, subject to change, if the nickel market finds a way to recover. We aren’t sure what defines a correction compared to a downtrend, but considering we have spent nearly the entire month of September ‘correcting’, we wonder if the bull is back on the barbecue.
• Average price of cash nickel so far this month – $5.21/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Nickel, zinc rebound, China economy jitters cap gains – more

  Reports

• August 2017 crude steel production – more
• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China’s Crude Steel Output in Aug Hit Record High of 74,590 t/t – more
• China iron ore demand to fall by 8 million tonnes a month as cities fight pollution – more
• China: Capacity reductions and the impact on the global steel industry – more
• Euro Drops as German Vote Sinks In; Gold Retreats: Markets Wrap – more

     Merafe – Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at 139USc per pound for the fourth quarter of 2017, an increase of 26.4% from the 110USc per pound price in the third quarter of 2017. – more

     Nickel slides to 5-week low on N. Korean tensions, fee hikes – Nickel slid 5 percent to a five-week low on Friday after trading fees were raised in China to dampen speculation and steel prices dropped with other metals as investors shunned risky assets after more North Korean tensions. – more

• Steel, raw materials tumble in China on demand woes, rating downgrade – more

     Ravensthorpe nickel mine closure fails to dent WA town’s optimism – The loss of a small town’s biggest employer might be enough to bring some communities to their knees, but not Ravensthorpe in Western Australia’s south-east. – more

     Nickel prices drag Canadian Mining Eye Index down – Prices for nickel fell 6% in the second quarter, a decline attributed to higher supply and increased production in Indonesia and the Philippines – more

     Increasing global battery demand will drive higher nickel & cobalt prices, predicts Highlands Pacific MD – As demand for electric cars gather pace, Papua New Guinea’s Ramu nickel mine is perfectly placed to be a big provider of the nickel and cobalt that are essential ingredients for hi-tech batteries. – more

     Investors wary as Tanzania moves to assert more control over mines – New laws and a crackdown on mining firms in Tanzania has slowed fresh investment in what has long been seen as one of Africa’s brightest mining prospects as companies assess the consequences of government efforts to claim a bigger slice of the pie. – more

     Zimbabwe: Govt Meets Chrome Buyers in China . . . As It Seeks Value From Mineral – Government dispatched a high powered delegation to China to meet ferrochrome and ferro-nickel buyers as it presses ahead with efforts of extracting real value from its minerals. – more

     China’s top smelting province to cut output in several industries in clean air push – Cities in China’s eastern province of Anhui are issuing plans to curb production in the steelmaking, non-ferrous smelting, cement and coal-fired power sectors over the coming winter in a drive to meet a politically crucial air pollution target. – more

• China’s miners need more leeway, Zijin’s Chen says – more

     Is there life after mining? – ‘I am especially fond of gardening, taking care of plants at home,” said Melita Cuaton, a 44-year-old mother of six from Sitio Campandan, Barangay Talavera, Tagana-an, Surigao del Norte. – 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, September 21

• Three month nickel closed Wednesday’s trading session at $5.16/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.20/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and now total just under the 380,100 tonne level. Nickel has been sliding all morning and is currently trading below support at $11,000 tonne and  has yet to establish a bottom for the day. Nickel rose yesterday, but like a bullish trend with bearish days, yesterday’s bullish day is apparently not stopping the bearish trend nickel has fallen into since early this month.  The last time nickel closed below the $5/lb level was on August 18th and unless nickel gets a bounce in the next few hours, we will see that happen today. Candlesticks and technical signals are all red this morning. North American Stainless is announcing a second price increase in as many months on their stainless steel product. The Thyssenkrupp and Tate Steel merger is becoming a political issue in Germany with the opposition party claiming the move of the headquarters out of Germany to the Netherlands would be a precursor to more job moves in the future. Another light day on the news front for the nickel and stainless steel industry’s. This is our last update for teh week, so we wish each of you a safe and relaxing weekend and hope your upcoming fall (or spring south of the equator) is a successful one.
• Average price of cash nickel so far this month – $5.26/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – London metals slip after Fed raises rate hike expectations – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• European Steel Is Finally Getting the Deals It Craved for Years – more
• Refractories, steel mills feeling the burn of higher raw material costs – more
• Iron ore’s recent reversal likely the start of longer slide: Russell – more
• European Stocks Climb as Bonds Dip in Wake of Fed: Markets Wrap – more

     North American Stainless News – Due to further rising manufacturing and operational cost, it is necessary that NAS increase the price on the following products effective with shipments November 1, 2017: • Cold Rolled 300 series, 200 series, and 400 series increase achieved by reducing the functional discount 2 points. – more

     BYD predicts ambitious China shift to electric cars by 2030 – Chinese automaker BYD Co Ltd expects the country’s shift to cleaner new-energy vehicles to be complete in just over a decade, an aggressive timeframe that would challenge traditional carmakers in the world’ top auto market. – more

     Merkel Challenger Blasts Thyssen-Tata Deal as Election Nears – Chancellor Angela Merkel’s main challenger slammed a plan by Germany’s iconic Thyssenkrupp AG and India’s Tata Steel Ltd. to cut thousands of jobs as they merge their European steelmaking operations, moving the headquarters out of Germany to the Netherlands. – more

     Chinese conglomerate issued with operator permit in Musina-Makhado special economic zone, SA – Shenzhen Hoi More Resources Holding Co. has signed a cooperation agreement with the South African Limpopo Economic Development Agency that has provided the Chinese conglomerate with an operating permit in the Musina-Makhado special economic zone. – more

     S.Korea buys 90 T nickel, re-issues tenders to buy zinc, tin – South Korea bought 90 tonnes of nickel and reissued separate tenders to buy a combined 250 tonnes of tin for November arrival and 1,000 tonnes of zinc for December arrival, state-run Public Procurement Service said on its website (http://www.g2b.go.kr.) – more

     SOEs urged to accelerate development of Kuala Tanjung industrial park – … The IMIP complex focuses on nickel smelting and nickel-content stainless steel 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

Wednesday, September 20

• Three month nickel closed Tuesday’s trading session at $5.05/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.14/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just over the 380,700 tonne level. Nickel fell yesterday and once again bounced off the $4.92/lb level, which is setting itself up as strong support, and $11,000/tonne as minor and psychological support. Today nickel is bouncing as base metals in general are trading higher. The Euro is higher against the US Dollar today, which is adding some support, but the Yuan continues to flounder. Societe Generale analyst Robin Bhar said in a report and quoted in Reuters “We estimate marginal production costs at around $10,400/$10,500, that will be an anchor for the downside. Demand from stainless and non-stainless applications is healthy.” That would put his target at between $4.72/lb and $4.76/lb. At the moment, we show nickel is trading above its 30 day MVA but below the 10 day. This is causing a mixture in technical signals, with short term and long term still positive, but mid term a mixture of positive and negative signals. For those who follow candlestick patterns, the market has sent a strong hammer signal both Friday and yesterday, but is sending mostly negative signals today. For industry news, we found absolutely squat to offer you today.
• Average price of cash nickel so far this month – $5.27/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Aluminium hits five-year high as China supply cuts loom – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• EU Flat Product Steel Prices Rise in September, Further Increases Expected in October – more
• Societe Generale analyst Robin Bhar – “Nickel rose about 40 percent between July and early September, overshooting to above $12,000. Speculators are selling.”
• Stocks Swing, Bonds Edge Up With Oil Before Fed: Markets Wrap – more

     Nickel falls towards 1-month lows on fund selling – Nickel prices fell on Tuesday towards the one-month lows hit last week as funds took profits, but concern about supplies from the Philippines and healthy demand, particularly from Chinese stainless steel mills, are expected to lend support. – more

     Global nickel market deficit widens in July-INSG – The global nickel market tipped into a wider deficit in July as demand from top stainless steel producer China surged, data from the International Nickel Study Group showed on Wednesday. – more

     World Bureau of Metal Statistics – WMS Press Release September 2017 – The Nickel market was in deficit during January to July 2017 with apparent demand exceeding production by 35.9 kt. In the whole of 2016 the calculated deficit was 68 kt. – 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, September 19

• Three month nickel closed Monday’s trading session at $5.10/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses rose slightly yesterday, and now total just over the 383,500 tonne level. After bouncing slightly yesterday, nickel is back dow and flirting around the $11,000/tonne level. Nickel has traded as low as $4.97/lb this morning but is making a gradual comeback at present. Technical indicators remain negative and we will have to wait and see if nickel has more fat to trim before its done correcting. The Chinese Yuan Renminbi seems to be shadowing nickel, peaking out against the US Dollar on the 8th, with nickel peaking on the 4th. Both have slide since. Th Euro against the US Dollar, while lower than it was on the 8th, has trade choppy ever since and is well above where it was in mid August.
• Average price of cash nickel so far this month – $5.29/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – London metals steady as traders await cues after Fed meeting – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• The Nickel Market: Investing Ahead Of The Crowd – Part 1 – more
• Stocks Mixed Ahead of Fed; Euro Gains, Pound Flat: Markets Wrap – more

     Nickel mining: the hidden environmental cost of electric cars – As countries the world over legislate to phase out petrol and diesel cars, attention is turning to the environmental impact of mining the materials needed for electric vehicle batteries. – more

     Sta. Cruz, Zambales folk decry nickel mining anew – Heavy rains and mining woes are back with a vengeance in this town. As rainwater flowed down slopes mined for nickel, siltation resulted in lower areas, like farms, fishponds and even residential areas. – more

    Nickel miner to ship out more ore next year – Hinatuan Island, Surigao del Norte: Hinatuan Mining Corp. (HMC), a subsidiary of Nickel Asia Corp., expects to make at least 51 ore shipments as operations normalize next year. – more

     ERAMET’ Plan to Enhance Productivity of Ni Production in New Caledonia = To achieve cost goals in 2017 and 2020 = Last week, ERAMET Group, France announced its plan to enhance 2 productivities to achieve the 2017 goal of the cash cost being US$4.50 per lb and the 2020 goal of the cash cost being US$4.10 per lb. – more

     Minnesota DNR seeks public feedback on PolyMet’s copper-nickel mine project – The Minnesota Department of Natural Resources (DNR) has formally launched a process to seek public opinion on a copper-nickel mine project proposed to be developed by PolyMet Mining in northeastern Minnesota. – more

     Courtesy AISI – In the week ending on September 16, 2017, domestic raw steel production was 1,745,000 net tons while the capability utilization rate was 74.9 percent. Production was 1,591,000 net tons in the week ending September 16, 2016 while the capability utilization then was 68.0 percent. The current week production represents a 9.7 percent increase from the same period in the previous year. Production for the week ending September 16, 2017 is up 0.7 percent from the previous week ending September 9, 2017 when production was 1,733,000 net tons and the rate of capability utilization was 74.3 percent. – source

  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, September 18

• Three month nickel closed Friday’s trading session at $5.03/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouses rose on Thursday and fell on Friday and now total just under the 383,500 tonne level. Nickel closed one penny above what we show as minor support on Friday at $5.02/lb. Today, trading of the base metals is meandering, with no direction for the day established. At one point on Friday, nickel dove to $4.95/lb, but recovered just as sharply.  Besides the technical support, we have psychological support at $11,000/tone and $5/lb – which are pretty close to one another in value. We are also now trading about where we were this time last month, so all of the gains we saw at the end of August, and the first few days of this month, have now evaporated. Technical indicators remain negative and reactive to market conditions. In other news, Vale’s Onca Puma is appealing a court order to shut down until it could come up with beneficial support fo local indigenous people. Cru published an interesting article below about what is going on inside teh London Metal Exchange, which came under new management earlier this year. And finally, the Australian melodrama bounced off the bottom spot in our daily news, with stunning testimony Friday that Clive Mensink, the fugitive nephew of Clive Palmer, is still being paid $4000 a week by Palmer’s other companies. Now that is something that will get you in trouble in America.
• Average price of cash nickel so far this month – $5.32/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper rises from near-one month low, China’s growth concerns cap gains – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China shows its roads less traveled – more
• China’s 2017 steel output to rise 3-5 percent despite mill closures – CISA – more
• (Platts) Chinese steel market sentiment reached a 12-month high of 60.87 in September according to the latest S&P Global Platts China Steel Sentiment Index.
• Stocks Rally as Fed Week Kicks Off; Crude Advances: Markets Wrap – more

     Vale to appeal court decision halting operations at nickel mine – Vale says it will appeal a court decision forcing it to halt operations at its Onça Puma nickel mine until it takes measures to benefit the indigenous people living in the area. – more

     Prices of Stainless Sheets in East Asia Rise Further – Prices of stainless steel sheets in the East Asian region are further rising. Against a backdrop, there seem to the facts of a rise in domestic prices in China and a rise in prices of nickel and chrome. – more

     Can mining industry weather the policy storm? – Over the past several years, the mining industry has experienced a policy storm—from the imposition of a moratorium on new mining permits and designation of “mining no-go zones” with the signing of Executive Order (EO) 79 under the Aquino administration, to a stricter mine-audit process that led to closure or suspension orders affecting more than two dozen mining operations, cancellation of 75 mineral production sharing agreements (MPSAs) and the ban on open-pit mining method all over the country within the first year of the Duterte administration. – more

    Clive Palmer’s companies paying fugitive Clive Mensink $4,000 per week, court told – Clive Palmer says his nephew Clive Mensink is still being paid more than $4,000 per week by his companies, while the subject of two arrest warrants. – more

     Dinagat Islands’s top miner steps up nickel shipment to China – The Cagdianao Mining Corp. (CMC) is stepping up operations for 12 more shipments of nickel ore to China by the second week of November. – more

• Women, fishermen get livelihood boost from Dinagat Islands miner – more

     LME reforms: More evolution, than revolution – Following the discussion paper that was launched in April, and weeks of consultation, the LME announced its planned reforms when it set out its Strategic Pathway on Thursday 7 September. – more

     Russia’s Norilsk boosts China team ahead of launch of big copper mine – Russia’s Norilsk Nickel has boosted its trading team in China as it prepares to start up a copper, iron and gold mine in the far east of Russia, the world’s second-largest nickel producer told Reuters. – more

     Mining millions to lift traditional Aboriginal landowners out of ‘poverty’, says Ngadju elder – Twenty-five years since the High Court’s landmark Mabo decision, traditional landowners in one of Western Australia’s biggest mining regions are finally starting to see the benefits of native title. – more

     Brazilian Nickel welcomes $72mn royalty agreement with Anglo Pacific – Yesterday, it was revealed that a $72mn royalty agreement between Brazilian Nickel Limited (‘BRN’) and the Anglo Pacific Group PLC had been announced. – more

     Minnesota DNR releases PolyMet mine dam permits for review – The Minnesota Department of Natural Resources on Friday indicated it’s so far satisfied with PolyMet’s plans to build a massive earthen dam to hold back tailings, or mining waste, from the company’s proposed copper mine and processing center near Hoyt Lakes. – more

     Corrosion in real time – What affects almost everything made of metal, from cars to boats to underground pipes and even the fillings in your teeth? – more

     45-ton dump truck to become the world’s largest electric vehicle – Digging up materials and hauling them around mining sites is inherently dirty work, but it is set to get a little cleaner on the back of a heavy duty electric vehicle currently under development. – 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, September 14

• Three month nickel closed Wednesday’s trading session at $5.15/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.10/lb lower. Stockpiles of nickel stored in LME approved warehouses rose for a third consecutive day and now total just over the 383,600 tonne level. Short term support is at $5.02/lb and if today’s sell off continues, we may be testing that before London markets close later today. The market is seeing a second day of selling, and is now trading below its 10 and 30 day MVA.  Trying to predict where a dropping market will stop is like trying to catch a falling knife blade. Not easy, nor wise. Technical signals have turned negative but once again, they seem to respond more to daily conditions than forecast any long term direction. News outlets are full of reasons ‘why’ and we can;t help but chuckle that the ones that were reporting nickel was up two days ago on higher demand, are now reporting the price is down on lower demand. If it were only that easy. This is our last update for the week, so we hope each of you has a safe and relaxing weekend and hope to see you back next week.
• Average price of cash nickel so far this month – $5.37/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Lead futures in China gain on supply pinch signs – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Edge Lower as Miners Drop; Currencies Drift: Markets Wrap – more

     Indonesia’s Antam plans to apply for further 1.25Mt of nickel ore exports – Indonesia’s Aneka Tambang (Antam) plans to apply for an additional quota to export 1.25-million tonnes of nickel ore, on top of the 2.7-million tonnes already allocated to the state-owned miner, a company official said. – more

     Higher prices lift stainless market spirits – Global: A combination of factors has produced significant gains in stainless steel scrap prices since Recycling International’s previous report at the start of August, with 304 material climbing from US$ 1200-1250 to US$ 1300-1350 per tonne and the 316 quality from US$ 1600-1650 to US$ 1660-1710. – more

     China’s environmental crackdown hits August metals output – China’s non-ferrous metal output fell to a one-year low in August, in a sign that Beijing’s environmental crackdown is curbing supplies of base metals, with aluminum also hit by efforts to rein in output. – more

• China August steel output hits record despite inspections – stats bureau – more

     S. Korea’s SK Innovation starts production of batteries with more nickel – South Korea’s SK Innovation said on Thursday it has started commercial production of lithium-ion batteries with an increased portion of nickel, while reducing the usage of expensive components such as cobalt to extend battery life and cut costs. – more

     China’s Foreign Trade Result of Molybdenum in Jan-Jul 2017 = When compared with year-earlier period, export is up by 2.9 times and import is up by 30% = 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 July in 2017 was 16.9637 million lbs (up by 2.9 times as much as the year-earlier period) and the import volume was 17.4963 million lbs (up by 30.3% from the year-earlier period). – more

     Prosecutors reveal reluctance of Russian officials to enforce environmental fines – Russian prosecutors say the country’s environmental oversight agency has failed to chase down $70 million in fines from polluters in the Murmansk and Arkhangelsk Regions as well as other northerly areas. – more

     Clive Palmer ‘sleeping’ when administrators appointed to collapsed QNI, court hears – Clive Palmer has called himself as a witness in a Supreme Court battle with a liquidator trying to claw back money owed to sacked Queensland Nickel workers. – more

• Palmer battles asset freeze bid in court – 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, September 13

• Three month nickel closed Tuesday’s trading session at $5.45/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.16/lb lower. Stockpiles of nickel stored in LME approved warehouses rose slightly for a second day and now total just under the 383,300 tonne level. Nickel tried a come back yesterday afternoon, closing just $10 shy of the $12,000 tonne mark. That mark has been giving bulls fits since it was punched through on the 1st of September, only to fall back a week later. And since, nickel has been fighting to regain it, but falling just short. Nickel is down sharply this morning, with the entire base metals complex in a profit taking mood. Lot of people on the lamb from the nickel industry. Australia wants Clive Mensink for an investigation in the Queensland Nickel collapse. And now two Chinese men are reportedly on the run from Zimbabwe with an alleged $2.7 million dollars.
• Average price of cash nickel so far this month – $5.40/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper sinks to 3-week low on profit-taking, demand angst – more

  Reports

• Stainless steel raw material tracker – Aug 2017 – more
• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China iron ore, steel rebound after five-day slide – more
• July Steel Shipments Up 1.7 Percent From Previous Year – more
• Stock Rally Eases as Dollar Edges Lower; Oil Gains: Markets Wrap – more

     China’s Import and Export Results of Nickel in July 2017 – According to the foreign trade statistics of China, the import and export results of nickel-containing products in July 2017 are as per the table below.- more

     All Cuba-based personnel are safely accounted for, says Sherritt – Sherritt International Corporation today announced that it has completed a preliminary review of its operations in Cuba following the aftermath of Hurricane Irma and confirmed that all of its Cuba-based personnel are safely accounted for. – more

     Talvivaara’s emissions have devastated nearby lakes, shows study – Talvivaara’s mine in Sotkamo, Northern Finland, has had a devastating impact on the ecology of nearby lakes. – more

     Zimbabwe Alloys hands over half of its mining claims to Mugabe govt – Zimbabwe Alloys, the country’s second largest ferrochrome producer, has ceded half of its mining claims to the government, a state-owned newspaper said on Wednesday, ending more than a year of negotiations. – more

     Bindura Mine bosses vanish with $2,7m – Police have launched a manhunt for two senior officials from a local company, ASA Resource Group Plc, on allegations of defrauding Bindura Nickel Corporation Mine (Trojan Nickel Mine) in Bindura of more than $2,7 million. – more

     Ravensthorpe And Hopetoun Show Resilience In Tough Times – They’ve been battered by floods, bypassed by tourists and “kicked in the guts” as the area’s biggest mine is mothballed, leaving hundreds of workers facing the employment axe. – more

      Palmer and liquidators square off over nickel refinery – The future of Clive Palmer’s stalled nickel refinery has been thrown into the centre of a high-stakes legal battle between the resources tycoon and government-appointed liquidators seeking to freeze his assets. – more

• Chinese buyer wants Townsville nickel refinery, says Clive Palmer – more
• Clive Palmer claims $500m offer made to buy QN 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

Tuesday, September 12

• Three month nickel closed Monday’s trading session at $5.33/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.08/lb lower. Stockpiles of nickel stored in LME approved warehouses rose by only a few tonnes on Monday and still measures just under the 382,900 tonne level. The forecasts for a potential top to the metals rally are flowing freely, while the nickel producers are all singing the electric car song. For now, the market appears to have entered a period of correction, with the market now closing two consecutive days below the $12,000.tonne level. Of course one thing we have learned in the nickel market is when you think you have it figured out, it throws you a curve ball. Nickel averaged $4.92/lb in August, so it will have to drop sharply and quickly if stainless steel producers are able to hold pricing for October. Of that possibility, we remain doubtful.
• Average price of cash nickel so far this month – $5.42/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Copper slides as funds sell and stocks rise – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• China steel, iron ore drop for 5th day; but outlook still upbeat – more
• Nickel Price action indicates the Overextended Trend in Metals – more
• Stocks Rise as Dollar Struggles to Sustain Rebound: Markets Wrap – more
• ENSO neutral, but tropical Pacific continues to cool – more

     China’s commodity imports show why rally in prices may stall: Russell – China’s imports of major commodities in August illustrate both why prices have gained in recent months and why this rally may be running out of steam. – more

     Canada’s Sherritt eyes nickel products for booming battery market – The rise of electric cars is spurring Sherritt International Corp to consider branching into producing the types of nickel most sought after by battery manufacturers, the chief executive of the Canadian company said on Monday. – more

• Sherritt Provides Update on the Impact of Hurricane Irma on Operations – more

     Zimbabwe: Bindura Mine Bosses Vanish With $2,7m – Police have launched a manhunt for two senior officials from a local company, ASA Resource Group Plc, on allegations of defrauding Bindura Nickel Corporation Mine (Trojan Nickel Mine) in Bindura of more than $2,7 million. The two are Yim Chiu Kwan (63) and Yat Hoi Ning (61), who were ASA Resource Group’s finance director and chief executive respectively. – more

     Widow fears bankrupt company won’t face justice for mining death – Romeena Kozoriz was in the process of building a dream house with her husband Norm Bisallion when he was killed in a mining accident in 2014. – more

     Sept Ni SUS Scrap Purchase Price in Kanto Starts with JPY125,000/130,000 = Up by JPY10,000 from prior month, and buying motivation is strong, which leads to anticipation of rise = As of September 5, many of the stainless steel mills in the Kanto area offer the purchase price (delivered at plant) of nickel-containing stainless steel scrap (SABOT) at the range from JPY125,000 to JPY130,000 per ton. – more

     Pivotal year for Canadian nickel explorer in pursuit of maiden resource – Nickel is the best performing metal with the longest streak of gains since 2006 – more

     Courtesy AISI – In the week ending on September 9, 2017, domestic raw steel production was 1,733,000 net tons while the capability utilization rate was 74.3 percent. Production was 1,591,000 net tons in the week ending September 9, 2016 while the capability utilization then was 68.0 percent. The current week production represents an 8.9 percent increase from the same period in the previous year. Production for the week ending September 9, 2017 is down 0.8 percent from the previous week ending September 2, 2017 when production was 1,747,000 net tons and the rate of capability utilization was 74.9 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, September 11

• Three month nickel closed Friday’s trading session at $5.25/lb lower. Indicators at 5:50 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME approved warehouses rose on Thursday and fell on Friday to start this week just under the 382,900 tonne level. Nickel is bouncing this morning, after an across the board slump in metal prices on Thursday and Friday. Robin Bhar, head of metals research at Societe Generale in London, told traders “I think it’s mainly bargain hunting after that fairly savage sell-off we had on Friday, but the market’s still nervous ….We’ve come up so much and seem to overrun the fundamentals, that a period of consolidation or correction would seem to be overdue now.” Bahr is forecasting a 5-10% correction in the coming months. We would agree the rally needs a good correction to stay healthy, but with news from China, that they are considering banning all fossil fuel vehicle in the future, potential nickel demand remains a lamp to guide the market forward. We are traveling today, so our update is early.
• Average price of cash nickel so far this month – $5.45/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – Zinc rebounds on bargain hunting, Chinese data – more

  Reports

• Stainless steel market update Aug’17 – more
• U.S. Exports of Stainless Steel Mill Products – more
• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• (SO) US steel exports drop 11.5 percent in July
• (CAN) Taiwan records 30% growth in steel output in H1
• AIIS Steel Market Monthly Roundup- August 2017 – more
• AISI Releases August SIMA Imports Data; Import Market Share 27 percent in August – more
• Dollar Gains as Korea Fears, Irma Abate; Oil Rises: Markets Wrap – more

     Nickel, other metal prices end week badly – The stellar rally that’s seen base metals dominate commodities markets this year is wavering, leaving traders and analysts to fret about whether gains are at an end. – more

     China Fossil Fuel Deadline Shifts Focus to Electric Car Race – China will set a deadline for automakers to end sales of fossil-fuel-powered vehicles, becoming the biggest market to do so in a move that will accelerate the push into the electric car market led by companies including BYD Co. and BAIC Motor Corp. – more

     LME Ni Average Price in August Up by 14% from Prior Month = It shows upward trend and rises sharply in middle of month, and month-end inventory is up = LME monthly average nickel price in August 2017 was Cash seller: US$10,852.95 per ton (US$4.923 per lb) and 3-month seller: US$10,907.73 per ton (US$4.948 per lb). – more

     India slaps 18.95% countervailing duty on stainless steel imports from China – India has imposed a countervailing duty on imports of stainless steel flats from China in a move to ensure product quality for the consumer and provide a level ground for the domestic producer. – more

     Western Australia’s newest nickel mine a ray of hope on the edge of the Nullarbor – Australia’s nickel miners are looking to the electric vehicle market to drive future demand for the commodity, more than 50 years after the country’s first great nickel boom began. – more

     Cuba shuts down nickel industry as Hurricane Irma approaches – Irma was forecast to churn off the coast of Hispaniola, shared by the Dominican Republic and Haiti, Sept. 7 before heading toward the Bahamas and Cuba, eventually nearing the Florida coast Sept. 10, according to the Miami-based National Hurricane Center. – more

      Nkomati: African Rainbow Minerals aims to tough it out – The nickel miner’s products have large potential market in electric vehicles, but legal battle and smelting headaches take off the shine – more

     Philippines: Marcventures merges with two mining firms – Marcventures Holding Inc, engaged in mineral development in the Philippines, is merging with Asia Pilot Mining Philippines Corp, and BrightGreen Resources Holdings Inc in a deal valued at $22.1 million (P1.125 billion). – more

     MBG Group jumps into nickel development in Indonesia – Amid growing demand for electric vehicles globally, Korean bio firm MBG Group has jumped into the race to explore nickel, a key chemical element of EV batteries, in Indonesia which is rich in the resource. – 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, September 7

• Three month nickel closed Wednesday’s trading session at $5.52/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 rose on Wednesday and now total around the 384,150 tonne level. Nickel rose yesterday, but failed to beat resistance for a second day, sending a negative technical signal to the market. Whether they bite or not remains to be seen, but the market appeared to be considering it this morning. The situation in North Korea is becoming increasingly concerning, with Hurricane Irma expected to have some effect on nickel production in Cuba. The US Dollar continues to weaken against the Euro and Renminbi, adding support to trading prices. As we stated yesterday, nickel trading needs a correction to remain healthy, but will all base metals trading lower this morning it remains to be seen if this is the start of one, or just some profit taking, and a minor bump in the road.  Enjoy your weekend and our best hopes for those in Florida and surrounding islands.
• Average price of cash nickel so far this month – $5.47/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – London copper slips, manufacturing outlook supports – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Gain With Euro Before ECB; Dollar Declines: Markets Wrap – more

     The world’s largest stainless steel producer just got bigger – Tsingshan Group recently began shipping stainless slab from its newly-commissioned fully-integrated plant in Indonesia. – more

     Nickel Project: Foreign investors get full backing from Federal Government – The Federal Government has declared support for the success of nickel project and other investors in the mining sector as a way of actualising its economic diversification plan. – more

• Fayemi: Kaduna Nickel Deposits, Potential Game Changer for Nigeria’s Economy – more

     Market Trend of Import of Ferroalloy as of 31 August 2017 = Ferroalloy prices continue rising in China, and price of manganese metal also rebounds = The market trend of import of ferroalloy as of 31 August 2017 is as follows. – more

     S.Korea buys 50 T tin, seeks to purchase 250 T tin, 90 T nickel for Nov – South Korea bought 50 tonnes of tin, and is seeking to buy a another 250 tonnes of tin and 90 tonnes of nickel for November arrival via separate tenders, state-run Public Procurement Service said on its website http://www.g2b.go.kr. – more

     Colorado Molybdenum Mine Gets New Lease on Life – Climax Molybdenum said stronger molybdenum market conditions factored into its decision to extend the Henderson mine’s life by six years. – more

     Protesters Storm Philippines Mining Event, Demand Halt to Extraction – Around 300 protesters clashed with security on Wednesday at a Manila hotel where an annual mining conference was being held, demanding that mineral extraction be halted due to the environmental destruction caused. – more

     Brazilian mining giant Vale gears up for ‘in-house’ diversification, possible acquisitions – Speculation has mounted in recent weeks on possible plans by Brazilian mining company Vale’s new CEO Fabio Schvartsman to diversify and make new acquisitions. – more

     Clive Palmer faces ‘massive mega trial’ – Clive Palmer has distanced himself from his fugitive nephew Clive Mensink and says he’s “looking forward” to liquidators trying to freeze more than $200m of his assets next week. – 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, September 6

• Three month nickel closed Tuesday’s trading session at $5.48/lb . Indicators at 6:15 am CST today show 3 month nickel trading flat. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and now total just under the 383,400 tonne level. Nickel fell yesterday in mid morning trading, and has done little since. The US Dollar continues to weaken against the Euro and the Chinese Renminbi, which makes commodity purchases more attractive. Nickel was unable to hold above resistance at $5.60/lb for a second day, so this could send the market a negative signal and adjustment warning, but we aren’t seeing much follow thru or concern from that signal yet. Nickel is still trading above its 10 day moving average, but with yesterday’s dip in price, many short term technical signals have turned negative. In a normal market this might actually mean something, but in a bull market it more likely means squat. Nickel needs a correction if the bull market is too remain healthy. But bull markets tend to fear corrective caverns, because that is where the bear lurks, looking to make its move. For now, the bull appears to be firmly in control.
• Average price of cash nickel so far this month – $5.48/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning – London copper eases from 3-yr peak as investors book profits – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Stocks Fall, Bonds Rally Amid Korea, Irma Threats: Markets Wrap – more

     What are surging industrial metal prices telling us? Andy Home – Copper hit a three-year high of $6,970 per tonne on the London Metal Exchange (LME) on Tuesday morning. – more

     Miners to Duterte: Visit rehabilitated mine pits – Newly-elected chairman of the Chamber of Mines of the Philippines (COMP) Gerard Brimo invited President Rodrigo Duterte to visit mining sites under their organization after the president said he wanted to stop all open-pit mining operations in the country due to harmful effects to the environment. – more

     Australian Mines takes over Sconi – ASX-listed Australian Mines has taken full ownership of the Sconi cobalt/nickel/scandium project, in Queensland, after striking a A$10-million cash and share deal with Metallica Minerals. – more

     Protesters clashed with security forces at Philippines mining event, demand halt to extraction – Around 300 protesters clashed with security on Wednesday at a Manila hotel where an annual mining conference was being held, demanding that mineral extraction be halted due to the environmental destruction caused. – more

     Courtesy AISI – In the week ending on September 2, 2017, domestic raw steel production was 1,747,000 net tons while the capability utilization rate was 74.9 percent. Production was 1,609,000 net tons in the week ending September 2, 2016 while the capability utilization then was 68.8 percent. The current week production represents an 8.6 percent increase from the same period in the previous year. Production for the week ending September 2, 2017 is up 0.4 percent from the previous week ending August 26, 2017 when production was 1,740,000 net tons and the rate of capability utilization was 74.6 percent. –  more

     Peach Bowl reveals downtown Atlanta sculpture made by Forsyth artist – Atlanta has statues of historical figures and athletes commemorated across the city, sculptures of fearsome falcons guarding stadiums and modern art dotting beltlines and sidewalks. – 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, September 5

• Three month nickel closed Monday’s trading session at $5.62/lb . Indicators at 6:25 am CST today show 3 month nickel trading around  $.04/lb lower. Stockpiles of nickels stored in LME approved warehouses ended August at a 2017 record high of 389,154 tonnes but has fallen in the last two working days and is now showing just under the 385,400 tonne level. Commerzbank is warning traders ““Prices have become largely detached from the fundamental data … the potential for and possible extent of a price correction are increasing every week.” We show a deep correction could push nickel back to strong technical support just under the $5/lb level. Resistance keeps getting beat before we can establish them, but for grins, we will put resistance at $5.60/lb, with it being beat once already. $5.80/lb would be the next line.  Nickel is trading at levels we haven’t seen since June of 2015. Technical signals remain positive, yet overbought – same as tehy have been showing for the last month.
• Average price of cash nickel so far this month –  $5.49/lb
• Average price of LME traded nickel in 2017(1st half) – $4.43/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb / 2013 – $6.80/lb /
• (USGS) Metal Prices in the United States Through 2010 – pdf here
• Baltic Dry Index – (current) (chart)
• Dollar trading graph – (chart of dollar index)
• Reuters metals morning –  Speculative buying lifts copper to three-year high – more

  Reports

• Reuters Daily Inside Metals – pdf here
• KBC Commodity Report – here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Gerdau Steel Market Update – more
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• worldsteel releases new global data on the environmental performance of steel – more
• Euro Area Poised for Fastest Economic Expansion in a Decade – more

     Nickel Prices Leap to Highest Level in Over Two Years – Nickel climbed to a two-year high and copper extended gains to the highest since September 2014 as bets on tighter markets, especially in top user China, buoyed metals after their longest run of weekly gains in a decade. – more

• Good month for nickel, other metal prices – more
• Metals Never Had An August This Hot – more

     Metals prices will improve – Poor’s – Standard & Poor’s has upped its metals price outlook on signs of economic recovery, the global ratings agency said on Monday. – more

• Macquarie says iron ore, coal prices to remain strong into 2018 – more
• MEPS expects a rebound in global Stainless Steel prices – more

     China’s Yunnan province starts safety checks on metals plants – China’s southwestern Yunnan province said on Tuesday it is launching safety inspections on iron, steel and aluminium plants as part of a crackdown on outdated capacity. – more

     It’s time for your reminder that most commodities are priced in US dollars – The commodity rally since June has been impressive, and it could be tied to weakness in the US dollar. – more

      Shanghai Futures Exchange cuts nickel, tin transaction fees – The Shanghai Futures Exchange (ShFE) said on Monday it would cut transaction fees on some nickel and tin futures contracts to just 1 yuan ($0.1533) per lot from Sept. 7. – more

     New chamber of mines head takes up defense for open pit mining – A new set of officers have taken office at the Chamber of Mines of the Philippines, and reminded everyone that open pit mining is not outlawed in the Philippines, contrary to the impression created by the immediate past Environment secretary Gina Lopez. – more

• Lopez seeks Duterte meeting amid review on open-pit mining ban – more
• Purging of irresponsible miners to begin at COMP – more
• Mining companies police ranks – more

     Nickel ore exports resume from Indonesia—managing the liquefaction risk – Gard understands that at least one shipper has started to export nickel ore under a government permit which may signal a policy change to the export ban imposed by the Indonesian government in early 2014. This raises obvious concerns given the history of ship losses and tragic crew fatalities due to liquefaction of Indonesian nickel ore. – more

     Fugitive ex-Queensland Nickel boss Clive Mensink lodges appeal but no one knows where he is – An appeal on behalf of fugitive ex-Queensland Nickel boss Clive Mensink has outrageously been lodged in the Supreme Court without revealing his whereabouts. – more

     China’s Foreign Trade Result of Molybdenum in Jan-Jun 2017 = When compared with year-earlier period, export is up by 5.4 times and import is up by 36% = According to the calculation to figure out volumes in pure Mo equivalent based on China’s customs statistics, the export volume in the former half of 2017 (January – June) was 16.0237 million lbs (up by 3.7 times as much as the year-earlier period) and the import volume was 15.3362 million lbs (up by 27.3% from the year-earlier period). – more

     Sudbury mine owner fined in death of worker – Glencore Canada Corporation, owner-operator of the Nickel Rim South Mine in Sudbury, Ont., has pleaded guilty and been fined $200,000 in the 2015 death of a worker who was run over by a vehicle. – 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.