Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$9.33/lb
($20,575/tonne). Indicators at 5:45 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today, reading just over the 83,600 tonne level. Switching to the July contract on the Shanghai Metal Market, nickel rose to 156,410 y/t, where June would have risen only to 155,670 y/t. Lot of news today, including reports that Indonesia is importing huge amounts of nickel ore from the Philippines, and the LME is looking into trading stainless steel scrap and ferrochrome. If that doesn’t get you reaching for the Tums this morning, nothing will. Stay safe out there and have a great hump day, already. - Average price of LME traded cash nickel so far this month – $8.82/lb
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Reports
Shanghai Metals Market
Tuesday’s market review – Copper climbs, but high China stocks suggest ample supplies – Copper prices climbed on Tuesday as the prospect of interest rate cuts, a weaker dollar and some strong data … – more
LME open to consider new ferrochrome, stainless scrap futures contracts: BIR – The London Metal Exchange would be open to discussing potential new cash-settled futures contracts for stainless steel … – more
Stainless Steel Market Dynamics and Outlook – In early April, stainless steel prices experienced a decline, prompting some mills to reduce production due to losses and shortages of ferronickel. – more
Anti-dumping duty on stainless steel tubes from China – he recommended anti-dumping duty ranges from $114 per tonne to $3,801 per tonne of stainless pipe and tubes of different grades. – more
Indonesia buying record amounts of Philippine nickel ore due to quota delays, sources say – Top nickel producer Indonesia has bought record volumes of nickel ore from the Philippines since April as smelter … – more
Nickel prices steady at around 20,000/ton, boosting stainless steel export prices – International nickel prices have recently steadied around the US$20,000/ton mark, showing resilience in the market. May’s … – more
Vale moves closer to deal for Onca Puma nickel mine to resume operations – Vale and the Brazilian state of Para have moved closer to an agreement that could allow the mining group to resume operations … – more
New Caledonia unrest pushes nickel sector deeper into crisis – Weeks of unrest in New Caledonia have plunged the archipelago’s nickel industry, already on government life support, closer to catastrophe… – more
- French President lifts state of emergency in New Caledonia ‘for the time being’ – more
- Emmanuel Macron’s gamble on New Caledonia’s crisis – more
As EV demand rises, battery costs go up – The price of EV battery cells and packs is expected to rise this year for the first time in decades, as demand for electric vehicles runs ahead of the industry’s ability … – more
Steel Service Centers concerned about the impact of CBAM – Last Thursday, EUROMETAL’s “SSC Arbeitskreis” (Steel Service Center Working Group) brought together industry leaders from Germany, Austria, … – more
Courtesy AISI – In the week ending on May 25, 2024, domestic raw steel production was 1,735,000 net tons while the capability utilization rate was 78.1 percent. Production was 1,754,000 net tons in the week ending May 25, 2023 while the capability utilization then was 77.9 percent. – more
Other News
- ‘A catastrophe unfolding’: Nickel miners criticised for interacting with remote tribe – more
- The evolution of Chinese steel mills: from robots to peacocks – more
- Post-COVID, China is back in Africa and doubling down on minerals – more
- Tesla Wants Its Suppliers To Make Parts Outside Of China And Taiwan Amid Rising Tensions – more
- Biden to end tariff exclusions on hundreds of Chinese products – more
- US Consumer Confidence Rose in May – more
- Act, React – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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Слава Україні! – more