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

Daily Nickel/Stainless Steel Briefing (8:00 AM CST is 1PM in London)

Dow Jones reports three month nickel closed Monday’s trading session at $6.38/lb . Indicators at 6:50 am CST today show 3 month nickel trading around $.01/lb lower with other London traded base metals trading mixed and quiet. Stockpiles of nickel stored in LME approved warehouses set its 7th all time record high this month, and now totals 200,334 tonnes. LME licensed warehouses have never held 200,000 tonnes of nickel prior to this month. Yesterday’s lower close for three month nickel was the first decline in five sessions, and today traders appear to be waiting to see if the mini rally was just that, or the beginning of something more solid.
Average price of cash nickel so far this month – $6.20/lb
Average price of LME traded nickel in 2012 – $7.95/lb / avg 2011 – $10.36/lb / avg 2010 – $9.89/lb / avg 2009 – $6.64/lb
(USGS) Metal Prices in the United States Through 2010 – pdf here
Baltic Dry Index – (current) (chart)
Dollar trading graph – (chart of dollar index) (live java chart)
Bloomberg metals morning –
LME Morning – Base metal really runs out of puff on softer euro and lack of interest – more

Reports

World Steel June Steel Production – pdf here
Allegheny August Stainless Steel surcharge – more
AK Steel August Stainless Steel surcharge – pdf here
Outokumpu August Stainless Steel surcharge – pdf here
China Nickel Imports and Exports Data June 2013 – more
Oryx Stainless Monthly – This may mean something, but then again, not necessarily – pdf here
Reuters Metals Insider – pdf here
Commodities Daily – here
Commonwealth Daily Alert – pdf here
Oakvale Daily Market Report – more
KBC Commodity Report – here
Angel Metals Fundamental Report – here
Weekly Market Report – pdf here
DNB Metals Weekly – pdf here
Mico Metals Weekly – pdf here
Hedge Equities Commodity Report – pdf here
MacNicol Morning Notes – pdf here
Alpari Global Markets Daily – pdf here
Mangal Commodities Metals & Energy – pdf here
Danske Weekly Focus – pdf here

Commodity/Economic Comments

China E-Stainless Steel Daily Price Index – 81.78
2013 Reuters Nickel Price Forecasts – more (World Bank forecast 2013 – $8.16/lb)
China Stainless Steel Scrap Market News / Price – more
Yieh Daily Asian Stainless Steel News – more
Stainless Steel Daily Scrap Prices – more
Gerdua Steel Market Update – more
European Debt Crisis Live – more
(SSY) According to the European Steel Association (Eurofer), apparent steel consumption in the EU fell by 7.3% year-on-year in the 1q13.
(SMW) Mwana Africa said the quarter year to June 30 had been one of mixed fortunes for the company, and that it has embarked on a significant cost-cutting exercise at corporate and project levels.
Western Areas defies weak nickel prices – more
China builds ‘world’s tallest building’ – more

CFTC puts metals warehouses on notice of possible probe – he U.S. commodities market regulator has put Wall Street banks and other big traders on notice for a possible investigation of their metals warehousing businesses following years of complaints about inflated prices. – more

London Metal Exchange trying to solve warehouse problem – The London Metal Exchange’s metastasising warehouse problem must be solved once and for all by prohibiting warehouse companies from issuing more warrants at affected locations until load-out delays have been reduced to an acceptable level. – more
Inflation suspicions put metal warehouses on possible probe – more
Wall St reshapes commodities business to fend off regulation – more

Taigang Stainless cuts August ferrochrome purchase price: sources – China’s Taigang Stainless Steel has set its high carbon ferrochrome (50% basis Cr) purchase price at Yuan 6,750/mt ($1,091/mt) for August deliveries, down by Yuan 100/mt from its July price, according to market sources. – more

Prices of CR Austenitic Stainless Sheets in Asia Level Off at Low Level – Negotiations on cold-rolled (CR) stainless steel sheets in the East Asian region have been carried forward for August/September shipment, and Korea’s POSCO, Taiwan’s YUSCO and so on seem to have been proceeding with negotiations at $2,300 to 2,350 to SUS304. The Japanese mills are offering at $2,500 to 2,600 CFR. – more

Falling nickel prices hit profit at Spain’s Acerinox – Low nickel prices hit profit at Spanish steelmaker Acerinox in the first half of the year, the company said on Tuesday. – more

Vale may hire foreign workers to solve Long Harbour crunch – Mining giant Vale admits it may have to look outside the country to hire specialized workers to finish its massive nickel processing facility in Newfoundland’s Placentia Bay. – more

Steelmakers Raise Prices on China’s Economic Growth Optimism – Chinese steelmakers including Hebei Iron & Steel Group (000709) and Jiangsu Shagang Group Co. joined their Japanese peers in raising prices after Premier Li Keqiang signaled China may support economic growth. – more

Antam, DNi work on nickel processing plants – Jakarta-listed diversified miner PT Aneka Tambang (Antam) and Australian Direct Nickel Pty Ltd (DNi) have agreed to continue their cooperation on the construction of nickel laterite processing plants. – more

Hundreds Protest Nickel Mine – Hundreds of people gathered in a small town in Voronezh region on Sunday for a new protest in their year-long campaign against plans to open a nickel and copper mine in the area, police officials said. – more

Chinese steel giants facing toughest times in five years – Xinhua reported that China’s largest iron and steel group is determined to cut output and upgrade production as it copes with the toughest market conditions since 2008. – more

Courtesy AISI – In the week ending July 20, 2013, domestic raw steel production was 1,904,000 net tons while the capability utilization rate was 79.5 percent. Production was 1,823,000 tons in the week ending July 20, 2012, while the capability utilization then was 73.3 percent. The current week production represents a 4.4 percent increase from the same period in the previous year. Production for the week ending July 20, 2013 is up 1.2 percent from the previous week ending July 13, 2013 when production was 1,881,000 tons and the rate of capability utilization was 78.5 percent.

Morning Nickel Inventory and 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
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