Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$12.56/lb
($27,700/tonne). Indicators at 6:00 am CST today show nickel trading around $.59/lb lower. Stockpiles of nickel stored in LME licensed warehouses rose on Monday and start the day just over the 72,100 tonne level. Norilsk is sticking with its earlier forecast of a 40,000 tonne surplus for nickel worldwide this year. With LME stockpile numbers down around 30,000 tonnes year to date, they are obviously planning on a huge increase in supply for the latter half of 2022. Tsingshan is planning on the same thing, based on their huge shorts in the market. US stainless surcharge numbers are out, and as expected, lower. But not back to April numbers yet. And, the ISSF is becoming the WSA. It’s Tuesday and the U.S. is averaging 50,000 new Covid cases a day. Hospitalizations are also on the rise. SO stay safe and have a great day! - Average price of LME traded cash nickel so far this month – $12.70/lb
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Reports
Shanghai Metals Market
Monday’s market review – Falling inventories and weaker dollar lift copper – Copper prices climbed to their highest in more than two weeks on Monday, buoyed by declining inventories and a weaker dollar, though gains were capped by the damage to demand from coronavirus lockdowns in top consumer China. – more
Nornickel expects nickel market surplus of 40,000 tonnes in 2022, rising to 100,000 tonnes in 2023 – Nornickel expects a nickel market surplus of around 40,000 tonnes in 2022, the Russian metals giant said in a market review it drafted in conjunction with ICBC Standard Bank. – more
- Nornickel says no material impact on palladium, nickel sales via sanctions – more
Steel Association writes to Sitharaman, seeks withdrawal of export duty – The Indian Steel Association (ISA) representing major companies has written to Finance Minister Nirmala Sitharaman, seeking withdrawal of export duty on iron and steel intermediates. – more
Meet the world stainless association – After 26 years, the International Stainless Steel Forum (ISSF) will become the world stainless association. – more
Dneprospetsstal restarted stainless steel production in Zaporozhye – Dneprospetsstal is gradually launching production, and stable volumes of stainless steel supplies to Ukrainian consumers are expected in the near future. – more
Fitch Revises Nickel Mines Outlook to Negative, Affirms Rating at ‘B+’ – (excerpt) The Outlook revision is due to increasing liquidity risks from contagion related to the problems faced by NIC’s sole off-taker, Tsingshan Holding Group Co., which made a loss on its short nickel position in early March 2022. – more
US and China vying to mint billions by mining moon’s minerals – “There’s going to be a new world order out there, and we’ve got to lead it,” US President Joe Biden said after Russia’s war in Ukraine upended global geopolitics. – more
Courtesy AISI – In the week ending on May 21, 2022, domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 82.0 percent. Production was 1,834,000 net tons in the week ending May 21, 2021 while the capability utilization then was 81.0 percent. – more
In-depth: Inside Europe’s hunt for more sustainable batteries – Amid supply and sustainability concerns for key raw materials for batteries, industry figures have warned that Europe could be sleeping on greener and cheaper alternative chemistries. – more
Other News
- Reuters The Day Ahead – pdf here
- How to stop margin calls from blowing up markets – more
- Economy faces ‘confluence of calamities’ in biggest test since World War II – more
- G20 members’ views on Russia diverge, making expulsion unlikely – more
- Russia’s War in Ukraine, China’s COVID-19 Lockdowns ‘Darken’ Outlook for Global Economy, WTO Says – more
Economic Stats and Prices
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Why Stainless Steel
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Слава Україні! – more