Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Thursday’s trading session at
$7.95/lb
($17,530/tonne). Indicators at 5:55 am CST today show nickel trading around $.05/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses rose on Thursday and started today just under the 77,850 tonne level. Shanghai nickel fell to 134,710 y/t overnight, its lowest close this month. LME nickel is trading lower this morning, but in light of the Euro free falling this morning (see here), it is holding up better than one might expect. Looking at the trading chart over the past few days, it appears the bulls have dug in their heels at the $17,500 tonne level to stop the slide in the price recently, and while the Euro is not helping them in this endeavor, so far their attempt has shown some signs of success. It is very possible with the Euro adding so much negative pressure today they may be forced to surrender this level for the weekend. More news below, with the INSG reporting the global surplus in nickel production fell by almost half in January of what it was last January. This will give the bulls some staying power, but we will want to see a repetitive trend over the next few months before we buy in. Zimbabwe follows South Africa in banning the export of chrome ore. France has given New Caledonia till the end of the month to accept or reject a bailout for its nickel industry. And more. Stay safe out there and enjoy your weekend! - Average price of LME traded cash nickel so far this month –
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Reports
Shanghai Metals Market
Thursday’s market review – Base metals lifted by Fed rate-cut outlook – Prices of most base metals rose on Thursday, amid upbeat sentiment as investors eyed interest rate cuts by the U.S. central bank this year. – more
Global nickel market sees 13,400 metric ton surplus in January – INSG – The global nickel market had a surplus of 13,400 metric tons in January, down from a surplus of 23,100 metric tons a year earlier,… – more
Even with global economic growth, concern about nickel oversupply still exists – On March 19, the nickel inventory at the London Metal Exchange (LME) increased by 228 tons to 77,652 tons. … – more
Zimbabwe bans chrome ore exports to boost ferrochrome industry – Zimbabwe has banned the export of raw chrome with immediate effect in a bid to support the domestic ferrochrome industry, … – more
- High Carbon Ferro Chrome You May Not Know – more
France sets end March deadline for New Caledonia nickel deal – French Finance Minister Bruno Le Maire on Thursday set an end of month deadline for New Caledonia to back a state bailout deal for the … – more
Nickel Crashes on 2.5X Rise In Indonesia Output – Chinese investors behind the metal flooding global markets following Jakarta ban on ore exports in 2020 – more
Australia confronts an Indonesian nickel glut – Competition over strategic commodities may increasingly define the economic relationship between the two producers. – more
Indonesia’s Nickel Bounty Sows Discord, Enables Chinese Control – The United States needs to ensure green energy does not come at the cost of ethical and environmental standards. – more
Trump’s China tariff plan would be the death of the WTO – Donald Trump has indicated his intention to impose a 60% tariff on all imports from China and a 10% “universal baseline” tariff on imports from elsewhere … – more
Other News
- Finding the Right Approach for Supply Chain Education – more
- Report: Houthis Made Political Deal with Russia and China for Safe Passage – more
- Africa has become the newest contest for cash-rich Arab rivals – more
- Fed Still Foresees 3 Rate Cuts This Year, but Fewer Cuts in Future – more
Economic Stats and Prices (posted in Friday edition)
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Why Stainless Steel
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