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

Wednesday, June 27

• Three month nickel closed Tuesday’s trading session at $6.70/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.13/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and now total just under the 273,000 tonne level. Nickel clawed its way back above a technical support line in afternoon trading yesterday, but has once again surrendered that level today. The Euro is trading off 2018 lows it saw last week, but not much and not worth spending anytime speculating about. Ferrochrome prices for the third quarter fell, and Philippine miners want a new mine construction ban lifted. All the rest of the news that is news is about the trade war. Nickel has now been in a decline for three weeks.  
• Average price of cash nickel so far this month – $6.88/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper claws up from 12-week lows on bargain hunting – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Talk of China using its currency against Trump – more
• Trade War Speculation Unsettles Emerging Steel Markets – more
• Pacific Rim Begins Drilling at Indonesian Cobalt-Nickel Project – more
• Trump Trade Threats Turn Exxon, Chevron From Backers to Critics – more
• Canada’s Biggest Steelmaker Sees Layoffs From U.S. Tariffs – more
• It Costs Seven Cents to Make a Nickel, So the U.S. Mint Had a Computer Simulate Cheaper Coins – more
• Stocks Under Pressure Amid Trade Angst; Bonds Gain: Markets Wrap – more

     Tuesday’s market review – Industrial metals fall as China-U.S. trade row rages – Most industrial metals prices fell further on Tuesday as investors grew increasingly nervous that a trade conflict between the United States and China could escalate, potentially damaging economic growth and metals demand. – more

      Nickel market deficit increases, but surplus expected by 2020 – BMI – BMI Research anticipates the global refined nickel market to remain in a slight deficit this year, as global production remains subdued. – more

      Ferrochrome price announcement for the third quarter of 2018 – Shareholders of the Company are advised that the European benchmark ferrochrome price has been settled at USD1.38 cents per pound for the third quarter of 2018, a decrease of 2.8% from the USD1.42 cents per pound price in the second quarter of 2018. – courtesy Merafe press release

      Philippine miners call for end of ban on big new projects – Philippine miners are urging the government to lift a six-year ban on new large-scale mining projects in the world’s No. 2 nickel ore supplier after the state removed restrictions on fresh smaller ventures. – more

      Plant too risky, Sudbury opponents say – Building a $1-billion ferrochrome plant so close to the Wahnapitae Water Treatment Plant is too risky, opponents say. – more

• Sudbury ferrochrome smelter protest – more

      Steel Giant Plows $1 Billion Into U.S. and More Will Follow – India’s top steelmaker JSW Steel Ltd. says it’s scouting for more deals in the U.S. and Europe to expand its global footprint, betting that vibrant growth will underpin demand in overseas markets and complement a boom at home that’s seen the mill ramp up local output. – 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, June 26

• Three month nickel closed Monday’s trading session at $6.68/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.07/lb lower. Stockpiles of nickel stored in LME approved warehouses slipped slightly yesterday and started today’s session just under the 274,200 tonne level. Nickel only spent one session above the $15,000 tonne level, and fell sharply yesterday. The commodities trading board is showing a lot more green than yesterday, but nickel is still trading in the red. Stainless steel prices in China continue to soften according to the China published index we follow, with steel prices giving up earlier in the month gains. Some could make a good argument that the intensifying trade war is hurting nickel prices, and there is definitely some truth to this. But this week, day to day trading appears, in our opinion to be more technically driven, with computers trading based on algorithm’s and historical trends. This is the final week of the first half, so profits are being taken by some. Nickel has fallen below major support today, and currently trading at a month low. We have another minor support at $6.56/lb, with the next major line down around $6.28/lb.
• Average price of cash nickel so far this month – $6.90/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper near 3-month low on trade tensions, zinc at 10-month trough – more
• Reuters Daily Inside Metals – pdf here
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Steel Imports Down 23% from Prior Month in May – more
• Hundreds of new “smart genes” discovered by brain scientists – more
• China Stock Rout May Worsen, Analysts Warn No End in Sight – more
• Goldman’s Patel Says Trade War Risks Now More Than Just Talk – more
• Dollar Gains, Stocks Mixed as Trade Worries Linger: Markets Wrap – more

     Monday’s market review – Zinc hits 10-month low as inventories rise, speculators sell – Zinc prices hit the lowest in over 10 months on Monday as a rise in inventories signalled supplies were healthy and speculators put pressure on the market. – more

      Universal Stainless Announces Base Price Increase on Specialty and Premium Products – Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced a base price increase of 3-7% on all specialty and premium products. The increase will be effective for all non-contract new orders entered July 1, 2018 forward. Current material and energy surcharges will remain in effect. – more

      China’s Zhejiang Yongjin to launch $276 mln stainless steel project – China’s Zhejiang Yongjin Metal Technology Co will invest 1.81 billion yuan ($276 million) to build a precision stainless steel processing project in the south of the country, a company spokeswoman said on Tuesday. – more

      May 2018 crude steel production – World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 154.9 million tonnes (Mt) in May 2018, a 6.6% increase compared to May 2017. – more

      Courtesy AISI – In the week ending on June 23, 2018, domestic raw steel production was 1,772,000 net tons while the capability utilization rate was 75.6 percent. Production was 1,747,000 net tons in the week ending June 23, 2017 while the capability utilization then was 74.9 percent. The current week production represents a 1.4 percent increase from the same period in the previous year. Production for the week ending June 23, 2018 is up 1.8 percent from the previous week ending June 16, 2018 when production was 1,740,000 net tons and the rate of capability utilization was 74.2 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, June 25

• Three month nickel closed Friday’s trading session at $6.93/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.11/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Thursday and Friday and started the week just over the 274,200 tonne level. France’s SLN mine in New Caledonia is dealing with a rash of sabotage, suffering its fifth fire this year. President Trump attended a campaign rally in Minnesota last week and announced he supports opening more national forest there to mining interests. A Chilean mining company has been working to put a nickel mine in that state for a few years now. China and Europe both warned that the Trump trade war could push the world into an economic recession. On Friday Trump threatened to add a 20% tariff to cars imported from Europe, which Europe quickly warned, would invite a similar tariff on American cars. After bottoming out last Tuesday, nickel spent the rest of the week rallying. That rally appears to be in trouble today, with the traded price lower. The business media, always looking for a “why” reason for everything, is blaming the threat of a trade war on market negativity. With some tariff’s having alreaady started, it will be interesting to see when the main stream agrees with us that a trade war has begun. Its the start of the last week of the first half of 2018. May it be a good one for you.
• Average price of cash nickel so far this month – $6.90/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – London copper gives up earlier gains amid U.S.-China trade concerns – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• US Trade War: EU To Respond To Auto Tariffs Move – more
• Why Cobalt Is A “Choke Point” For E-Car Makers – more
• Largest US nail producer says tariffs driving it out of business – more
• Germany’s Billionaire ‘Screw King’ Tightens the Screws on the U.S. – more
• It’s a steel cage fight for product exclusions in the underground tariff wars – more
• Elon Musk wants cobalt out of his batteries – here’s why that’s a challenge – more
• Stocks Drop as Trade Fears Grow; Lira Erases Gain: Markets Wrap – more

     Friday’s market review – Zinc hits 10-month low as investors bet on rising supply – Zinc prices hit their lowest in 10 months on Friday as traders eyed rising stocks and bet on increased mine supply, while bellwether copper clocked a second week of falls on fears a trade war between Washington and Beijing would hit demand. – more

      Prices of Cr-base Stainless Steel Sheet in Asia Remain Unchanged – The prices of stainless steel sheet show no sign of any hike. The prices of chromium (Cr) -base products remain almost unchanged even though the price of ferro-chromium, a key raw material, is on a rise in this quarter. In the export market, the price of Cr-base cold-rolled (CR) sheet is hovering around $1,350 CFR. – more

      Fifth fire breaks out at New Caledonia’s SLN site – It was the fifth such fire this year but reports say the damage to the belt system this time was minimal. – more

      Kibo Mining says has sold Kibo Nickel to Katoro Gold – Multi-asset Africa focused energy and resource company Kibo Mining said on Friday its wholly owned subsidiary Kibo Mining had sold Kibo Nickel to Katoro Gold in an all share transaction. – more

      Cuba courts new mining investment, but can it compete? – Cash-strapped Cuba wants to reboot its flagging mining sector by luring foreign investors with attractive untapped reserves such as nickel. – more

     Groups sue feds over mineral leases near the Boundary Waters – A group of nine northeastern Minnesota businesses and an environmental group sued the U.S. Department of the Interior Thursday, seeking to overturn the reinstatement last month of two federal mineral leases to a company seeking to build a copper-nickel mine near the border of the Boundary Waters Canoe Area Wilderness. – more

• 9 businesses that rely on BWCA sue feds over Twin Metals mine development – more
• The Latest: Minnesota mining company will fight lawsuit – more
• Trump vows to open Minnesota national forest to mining – more

     Clive Palmer’s lawsuit against Townsville Mayor Jenny Hill hits a hurdle – Embattled businessman Clive Palmer, who is trying to sue the Townsville mayor for $3 million for allegedly defamatory comments she made about him, has hit a hurdle in the court process. – 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, June 21

• Three month nickel closed Wednesday’s trading session at $6.73/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell slightly again, and started the day just over the 275,500 tonne level. Three days in a row now that stockpiles have fell by less than 100 tonnes each day. Nickel is the sole base metal trading higher this morning, and in our opinion, its based on technical trading. Nickel moved back above the 30 day moving average yesterday, and with the 10 day now close, the market is looking to this as a bullish signal. The last two times the market has done this in the last few months, the market turned very bullish. Fundamentally, the news from the Philippines would typically be bearish, with threatened supply from that country now less likely to be disrupted. BHP is reportedly renewing efforts to off load the mega nickel mine, Nickel West. And with Vale entertaining bids for its mega Goro mine in New Caledonia, it makes one wonder why these mining companies would be looking to dump producing nickel mines, if the future for nickel is so bright. After hitting a low of $6.63/lb on Tuesday, the trend for nickel trading has turned positive. This is our final update for the week and we hope each of you has a safe and relaxing weekend and hope to see you next week.
• Average price of cash nickel so far this month – $6.91/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper rebounds from 3-wk low as China looks to spur growth – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Horizonte Minerals Completes Aero Survey For Brazilian Nickel Project – more
• China Just Handed the World a 111-Million-Ton Trash Problem – more
• Russia Dumps Treasuries for Gold – more
• Risk-Off Mood Takes Over as Italy Adds to Worries: Markets Wrap – more

     Wednesday’s market review – London copper bounces off three-week low, but trade worries drag – London copper rebounded from a three-week low on Wednesday after losing nearly 2 percent in the previous session, although a deepening trade row between China and the United States capped any recovery in risk appetite. – more

       Philippines says 23 mines passed review, easing worry over nickel supply – A government panel cleared 23 of 27 Philippine mines that were reviewed for compliance with state regulations, reducing uncertainty about potential supply disruptions at the world’s No. 2 nickel ore supplier. – more

      BHP reportedly revives plan to sell Nickel West mine – BHP Billiton adviser Goldman Sachs is preparing a divestment plan for Nickel West, four years after the initial sale process was dropped because it could find a suitor to meet the price expectations, The Australian reports. – more

      The Commodity Supercycle Never Ended, It Just Paused – And Now It’s Back – There is a popular but false narrative that the commodity bear market of 2011-2015 was the complete “undoing” of the Commodity Supercycle. – more

      The world’s biggest mining companies in 2018 – Industry goliaths such as Glencore, Rio Tinto and BHP emerged as top performing companies, thanks to recovery in global commodities market. – more

      U.S. boat makers condemn “harmful policies” on aluminum imports – U.S. boat makers Wednesday urged President Donald Trump to immediately withdraw high tariffs on alloy aluminum sheet imports from China, saying these “harmful policies” will cost American industries dearly. – 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, June 20

• Three month nickel closed Tuesday’s trading session at $6.65/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell slightly for a second day and now total just over the 275,600 tonne level. Another light news day for the industry, and with summer season in the Northern Hemisphere, that typically gets worse – until September. Nickel is up slightly with overall market sentiment, but with the Euro trading at eleven month lows, it will have a hard time increasing quickly. Trading this morning has pushed nickel back into its downward trend, in place since the 7th. Yesterday’s break south of the narrow channel increased the risk for a  larger sell-off, but this morning, traders have been able to lessen the odds of that happening. Thanks to the immigration crisis going on the White House, we heard no new threats about tariff’s yesterday, and the market seems to be appreciative. We received an e-mail from a reader yesterday who said the mainstream media appears reluctant to call the trade war yet, as the tariff’s have yet to actually begin. We can accept that, but realistically think the opportunities for compromise have passed and someone, somewhere is going to have to start feeling some pain, before negotiations can get serious again. We hope we are wrong and next week all sides will reach an agreement and all will be forgiven. But realistically….. thanks for reading and commenting and see you tomorrow.
• Average price of cash nickel so far this month – $6.92/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – London copper bounces off three-week low, but trade worries drag – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Global Trade At A Crossroads: The Risk Of An All-Out China-U.S. Trade War Moves Up A Notch – more
• U.S., China Rattle Trade-War Sabers in Vowing Harsh Tariffs – more
• Stocks Climb as Trade Angst Eases; Dollar Steadies: Markets Wrap – more

     Tuesday’s market review – China trade spat pushes copper to three-week low – Copper prices hit three-week lows on Tuesday as worries about a trade war were reinforced after U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate. – more

      WMS Press Release – The Nickel market was in deficit during January to April 2018 with apparent demand exceeding production by 43 kt. In the whole of 2017 the calculated deficit was 96.0 kt. – more

      Nickel stocks on the ASX: The Ultimate Guide – Nickel is hurtling towards a new era as the traditional steel market continues to strengthen and the lithium-ion battery-powered “clean energy revolution” gains a global foothold – creating a novel situation for the commodity that’s predicted to keep nickel supplies in deficit till at least 2025. – more

      Tata Steel starts despatch of Tata Tiscrome from its Gopalpur Plant – Gopalpur: Tata Steel has started despatch of Ferro Chrome branded as Tata Tiscrome from its ferro chrome plant located in Gopalpur Industrial Park in Ganjam district of Odisha on June 18, 2018. – more

      Editorial counterpoint: On mining, let’s follow facts and the law – Twin Metals Minnesota, a subsidiary of the Chilean mining giant Antofagasta, plans a controversial copper-nickel mine southeast of Ely, near the Boundary Waters Canoe Area Wilderness in northeastern Minnesota. – more

      Palmer eyeing off Townsville-based seat – Clive Palmer is kidding himself if he thinks Townsville people have forgiven him for the losses they suffered when his nickel business folded, a rival says. – 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, June 19

• Three month nickel closed Monday’s trading session at $6.89/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.14/lb lower. Stockpiles of nickel stored in LME approved warehouses slipped slightly on Monay and started today’s session just under the 275,700 tonne level. World markets are being rattled by new threats from US President Trump, as he calls on government agencies to bring him a list of $200 billion more of Chinese imports he can put a 10% tariff on, and threatens if China retaliates, which they obviously will, he will find another $200 billion to slap tariff’s on. Anyone out there still believe we are looking at a “potential” trade war? That ship has sailed. Nickel closed below the $15,000 tonne level yesterday, for the first time since last month. It also closed below the 30 day moving average for the first time since early May. If one were to draw a trendline of nickel prices since June 7, today’s dip would be concerning, as today’s price falls well below that line. Nickel is feeling the pains of a commodity board, that is mostly trading in the red today. We show support at $6.69/lb or $14,750 tonne and have very little news to offer for you today.
• Average price of cash nickel so far this month – $6.95/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – no update published
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Japan steel lobby fears US-China spat may prompt global trade order ‘collapse’ – more
• Deepening Trade Dispute Triggers Risk-Off Moves: Markets Wrap – more
• China Vows to Retaliate as Trump Targets $200 Billion in Tariffs – more
• El Niño WATCH; chance of El Niño in spring increases to 50% – more

     Monday’s market review – Copper slips to 2-week low on U.S-China trade tensions – Copper eased for a third session on Monday on fears trade tensions between the world’s two largest economies could escalate and demand from China could cool after last week’s lacklustre data. – more

      Man sentenced for fire at New Caledonian mine site – A man in New Caledonia has been given an 18-month jail sentence for setting a fire at the Kouaoua mining site a week ago. – more

      What can Beijing do if China-U.S. trade row worsens? – China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war. – more

      Courtesy AISI – In the week ending on June 16, 2018, domestic raw steel production was 1,740,000 net tons while the capability utilization rate was 74.2 percent. Production was 1,747,000 net tons in the week ending June 16, 2017 while the capability utilization then was 74.9 percent. The current week production represents a 0.4 percent decrease from the same period in the previous year. Production for the week ending June 16, 2018 is down 0.7 percent from the previous week ending June 9, 2018 when production was 1,753,000 net tons and the rate of capability utilization was 74.8 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, June 18

• Three month nickel closed Friday’s trading session at $6.89/lb . Indicators at 6:30 am CST today show 3 month nickel trading around $.01/lb lower. Stockpiles of nickel stored in LME approved warehouse fell on Thursday and rose slightly on Friday and started the week just over the 275,700 tonne level. Lots of news over the past few days, although little of it has to do with the future of nickel. There is a news story we posted under headlines ‘Panasonic and Tesla seek to remove cobalt from electric car batteries’ that could be concerning. If these companies are working on this, you can bet the Chinese are and the one thing we should have learned from history, and especially as far as nickel in the 21st century goes, the Chinese have a knack for finding an alternative source when metals prices get out of hand. Pig nickel was trash just a little over a decade ago, now it is has completely changed the nickel supply chain. We read a lot over the weekend about the upcoming tariff’s, trying to find an English version of the items China slapped a tariff on US producers. Still looking, but we find it interesting nearly all of the articles call this situation a “possible” trade war. Maybe they are waiting for the tariff’s to actually start to declare this a war, but we don’t feel the need to wait. The rhetoric and threats have turned into reality and the outlook for the economy has suddenly become more murky. We hope we are wrong, but we don’t see anything good coming from this. Australia’s Clive Palmer made some noise over the weekend, announcing he is changing the name of his political party, and appears to be borrowing the US President’s motto, by announcing “Make Australia Great Again”. Chinese markets were closed today for their Dragon Boat Festival and will reopen tomorrow. North America Stainless announces a price increase on stainless steel products last Wednesday (more). Hope you have a successful week.
• Average price of cash nickel so far this month – $6.96/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper slips to near 2-week low on U.S-China trade tensions – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• A Great Opportunity In Norilsk Nickel – more
• Will Legend Mining discover the next big nickel mine or get taken over? – more
• Panasonic and Tesla seek to remove cobalt from electric car batteries – more
• Demand For Nickel And Cobalt To Grow In Electrification Supercycle – more
• Stocks Retreat on Trade Concern; Oil Slips on OPEC: Markets Wrap – more
• Three Dead, Plants and Trains Halted After Japan Quake – more

     Friday’s market review – Copper clocks biggest weekly loss since April on China growth woes, trade tensions – Copper hit a near two-week low on Friday and clocked its biggest weekly loss since April on concerns about slowing growth in top metals buyer China and the impact of U.S. trade tariffs. – more

      Slab demand can’t be met, but American producers say tariff exemption not warranted – As president of NLMK Pennsylvania, Bob Miller has been toiling to get a waiver on the 25 percent tariffs slapped on steel slabs the company imports. This is literally do or die for the company. – more

      Taiwan finds Chinese steel exporters threaten local sector – Taiwan’s International Trade Commission (ITC) has found certain that Chinese steel products sold to Taiwan pose a “threat of material injury” to the local steel industry and could face punitive duties. – more

      Arctic river turns RED after nickel processing plant LEAKS into waters – A shocking ‘river of blood’ has appeared on satellite pictures as pollution spews from Siberian nickel processing plant. – more

      Man charged after New Caledonia mining site fire – A man has been arrested in New Caledonia accused of setting a fire at the Kouaoua mining site a week ago. – more

      Sen. Tina Smith gets behind PolyMet land exchange – U.S. Sen. Tina Smith is joining other Minnesota elected officials in supporting a land exchange to enable a proposed copper-nickel mine on the Iron Range, a move that aligns her with many other of the state’s top DFLers but has faced strong pushback from environmentalists. – more

      The Death of Supply Chain Management – The supply chain is the heart of a company’s operations. To make the best decisions, managers need access to real-time data about their supply chain, but the limitations of legacy technologies can thwart the goal of end-to-end transparency. – more

• Supply Chain Caught in Crossfire of U.S.-China Trade Conflict – 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, June 14

• Three month nickel closed Wednesday’s trading session at $7.09/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.17/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Wednesday and started today just over the 276,300 tonne level. Nickel prices jumped yesterday, but has already given up all of the gains in this mornings session. Initial reports of China steel production numbers were positive, while other economic indicators were not as welcome. The warm fuzzy feeling the surprise summit in Singapore brought on is wearing off fast, and the Trump trade wars are back in the headlines. Tomorrow, the US will issue a list of Chinese items to receive import tariff’s. While the tiff with the G-7 is what everyone seems to be talking about, the tit for tat with China could be even more risky to the US economy. This is our last update for the week so we wish each of you a safe and enjoyable – oh one other thing. One of the not-so-secret dirty secrets of the US economy has – and probably always will be – the pay disparity between the wealthy and the less than. It’s the battle fo the have’s and the have nots. The one place where all seem to be on an equal footing is with i the church. We have been taught that no matter how much money you have, the grace you will receive is given in equal proportions. In fact, we are taught that it is easier for the rich to float thru the eye of a needle than enter the Kingdom of Heaven, although pastors who are concerned about offerings have tainted that from its literal wording. So, with this in mind, it should come as quite a shock when some official of the Trump administration revealed over the weekend, that Canadian Prime Minister Trudeau already has a special place in the hereafter reserved for him. Where is the outrage over this special treatment? Ok it’s hell – but he is a politician and no matter how likable they are – that’s where most of them are heading. But “special place” – man, I just can not win! Oh well – have a nice weekend. 🙂
• Average price of cash nickel so far this month – $6.97/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper slips to near one-week low after soft China data – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• U.S. Fed raises interest rates for second time this year – more
• Mithril says exit of partner from WA nickel project is good news – more
• Steel Price Surge Highlights Fears and Hopes on Trump’s Tariffs – more
• Super Batteries: Which Metal Will Fuel the Future? – more
• NBS: China’s crude steel output up 5.4% in January-May YOY
• Chinese daily Steel output hits new record in May – more
• Trump Says He May Upset China on Trade as U.S. Tariffs Loom – more
• Canada Warns U.S. Against ‘Mano-a-Mano’ Mantra on Foreign Policy – more
• AIIS Newsletter: June 2018 – more
• Hawkish Fed, China Surprises Derail Risk Appetite: Markets Wrap – more

     Wednesday’s market review – China demand worries drive copper to one-week low, but dollar supports – Copper hit one-week lows on Wednesday as worries about demand in top consumer China undermined sentiment before a lower dollar and labour negotiations at the Escondida mine in Chile helped prices to recover after the U.S. open. – more

      Japan’s Sumitomo Metal says global nickel deficit to widen this year – Sumitomo Metal Mining , Japan’s biggest nickel smelter, expects a global nickel market deficit to widen to 88,000 tonnes this year, from 72,000 tonnes last year, amid solid demand for stainless steel and batteries, an official said on Thursday. – more

      U.S. Export Volume of Nickel Scrap in April 2018 = Down by 13% from prior month, and exports to Canada and Japan are down = According to the statistics released by the U. S. Department of Commerce, the export result of nickel scrap in April 2018 was 2,622 tons, down by 12.8% from 3,008 tons in the prior month, and the average export unit price per ton was US$4,465.43, down by 12.9% from the prior month. – more

      Vale confirms Voisey’s Bay cobalt deal key to expansion – Vale will raise 40 per cent of the capital it needs to develop the long-awaited underground mine at Voisey’s Bay, Labrador by selling future production of cobalt for an upfront payment of $690 million US. – more

      Seabed mining project in PNG secures funding – The Canadian company looking to mine Papua New Guinea’s seabed says it has secured finance to develop the controversial Solwara 1 Project. – more

     How Molybdenum, Nitrogen and Nickel Affects Steel Properties? – After speaking about aluminum, manganese, chromium and copper, in today’s post we will further focus our attention on three other alloying elements (molybdenum, nitrogen and nickel). And most importantly, how each influence steel properties. – more

• Index to other stainless steel related articles – 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, June 13

• Three month nickel closed Tuesday’s trading session at $6.90/lb . Indicators at 6:20 am CST today show 3 month nickel trading unchanged. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started the day just over the 277,000 tonne level. Nickel industry news is very quiet today. Vale’s earlier announcement it was investing nearly $2 billion to expand its Voisey Bay’s mine is still sending shock waves thru the industry. Typically, this news would appear bullish for the industry, but it comes as the nickel market is in a corrective mood, and as of yet, traders appear to be unimpressed. The meeting between US President Trump and the North Korean leader appears to have gone well, and if a good start sets the tone for the future, the Korean Peninsula could see peace after half a century of a tense truce. A coalition of steel and aluminum companies and users have started a new website called “Tariff’s Are Taxes” – linked below.
• Average price of cash nickel so far this month – $6.98/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – China demand worries drive copper price to one-week low – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• ‘Tariff’s Are Taxes ‘by a US coalition of steel and aluminum companies – more
• Section 232 Tariffs: Official Retaliation Lists – more
• Industrial economic outlook survey: Reality check – more
• Analysis: Steel mill spreads in China, US hit records in May – more
• When Americans save this little, it’s usually a sign that recession is near – more
• Musk’s Model 3 Miscalculation Culminates in Major Tesla Job Cuts – more
• Europe Stocks Gain, U.S. Futures Steady Before Fed: Markets Wrap – more

     Tuesday’s market review – Copper dips as inventories released, aluminium firmer – Copper eased for a third day on Tuesday as investors took profits, a big position in inventories eased and a labour settlement in Chile raised prospects for a deal at top mine Escondida. – more

      Sudbury’s nickel in demand again – In the first half of 2017, nickel was selling for an average price of US$4.43 a pound and there was an increasing glut of nickel in London Metal Exchange warehouses. – more

    Global long steel market outlook stable amid continued uncertainty: IREPAS – The short-term outlook for the global long steel market is expected to be stable for the rest of June as uncertainty around steel tariff measures persists, according to the International Rebar Producers and Exporters Association (IREPAS). – more

      Vale Deal Shows Carmakers Will Need to Pay Up to Secure Cobalt – For the past year, car manufacturers, battery makers and tech companies have been racing to secure long-term supplies of cobalt, the metal whose scarcity risks upending the electric vehicle revolution. – more

      Brazil to adopt stricter environmental rules for mining – ministry – Brazil’s President Michel Temer will issue two decrees on Tuesday introducing stricter rules on miners for the recovery of degraded areas and compensating municipalities affected by mining that takes place elsewhere, the Mines and Energy Ministry said. – more

      Workers say goodbye to Vale smelter and refinery in ‘bittersweet’ closing ceremony – Vale Manitoba Operations hosted a closing ceremony for its smelter and refinery June 9 with workers and others paying tribute to facilities that are almost as old as Thompson itself. – 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, June 12

• Three month nickel closed Monday’s trading session at $6.94/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.03/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Monday and started today’s session just under the 278,000 tonne level. Cancelled warrants remains below 24%. Nickel is up this morning, but remains within a downward trending channel, that has been in place for the past five working days. This appears to be nothing more than the market taking a rest and allowing the market to “thin some of the fat”. Yesterday was the first time since early May that the trading price ended below the 10 day moving average, which for the moment, remains positive.  Having left a meeting with long time allies which many would call ‘poor’, US President Trump met with long time foe North Korea overnight, and referred to that meeting as  ‘fantastic’. Trump is trying very hard to deflect all criticism over his tariff’s by blaming any harm that came from the G-7 meeting on comments made by Canadian Prime Minister Trudeau, which most would agree, were the same comments he had been making prior to the meeting.
• Average price of cash nickel so far this month – $6.98/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – London copper claws back lost ground on ‘positive’ Trump-Kim summit – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Zimbabwe, China sign 1-bln-USD MoU for setting up steel plant – more
• Canada parliament condemns U.S. attack on Trudeau, country simmers – more
• The $1.4 Trillion U.S. ‘Surplus’ That Trump’s Not Talking About – more
• Stocks Drift as Traders Look Beyond Korea Summit: Markets Wrap – more

     Monday’s market review – Copper slides as fears about supply disruptions wane – Copper prices slid on Monday as fears about output disruption at the Escondida mine in Chile receded, but worries about supplies from Vedanta’s copper smelter in India and a softer dollar provided some support. – more

      Vale Investing $1.7 Billion in Nickel Mine Amid Battery Boom – The world’s biggest nickel producer is betting C$2.2 billion ($1.7 billion) that the metal has a bright future amid surging demand for battery commodities. – more

• Streamers turn to cobalt as Vale extends Voisey’s Bay nickel operations – more

     What you need to know about history as nickel revival gathers pace – Nickel booms come, and nickel booms go, and while there is one very good reason to believe that a new boom is developing it would be wise to remember that nickel is a name that rhymes with fickle.- more

      Tesla: Nickel For Your Thoughts? – (quote) We have achieved this by significantly reducing cobalt content per battery pack while increasing nickel content and still maintaining superior thermal stability. – more

     Courtesy AISI – In the week ending on June 9, 2018, domestic raw steel production was 1,753,000 net tons while the capability utilization rate was 74.8 percent. Production was 1,747,000 net tons in the week ending June 9, 2017 while the capability utilization then was 74.9 percent. The current week production represents a 0.3 percent increase from the same period in the previous year. Production for the week ending June 9, 2018 is down 0.1 percent from the previous week ending June 2, 2018 when production was 1,755,000 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, June 11

• Three month nickel closed Friday’s trading session at $6.99/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 actually rose on Thursday and Friday, but just barely, and now total just over the 279,100 tonne level. Cancelled warrants slipped under the 24% range as well. Nickel has now fallen over the last three sessions, but remain above their closing prices from a week ago. In our opinion, this price correction is necessary for the bull run to remain healthy. although it is possible the market will look at $7/lb as a target for the summer. This remains to be seen, with past history showing traders typically try to wring all they can out of a run, and sometimes pay a price when the market runs out of gas. The current bullish run has now run thirteen months. President Trump made few friends at the G-7 meeting over the weekend, and unless the general atmosphere turns more accommodating, the trade war could become down right nasty between long time friends.  How this might or will affect base metals trading is a question at the moment. We are in the slower summer months, until September, but the traded price of nickel rose about $850.tonne last June, so its hard to tell what might happen this month. In our opinion, nickel needs to fortify in a range for the next few months, and protect its recent gains from short sellers. But we are not on the LME’s list of people they would call for advice, so stay tuned.    
• Average price of cash nickel so far this month – $6.99/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper slides as fears about supply disruptions wane – more
• Reuters Daily Inside Metals – pdf here
• U.S. Exports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• George W. Bush tried steel tariffs, and it didn’t work – more
• Stocks Advance as Busy Week Begins; Pound Weakens: Markets Wrap – more

     Friday’s market review – Lead slides after inventories jump; copper retreats – Lead prices slumped on Friday after inventories rose, a sign that shortages in China were starting to ease. – more

      Commodity outlook: Copper likely to gain, Nickel may witness consolidation after sharp rise – Domestic and overseas nickel prices tracked the ferrous complex higher after a blast at an iron ore mine in China and amid falling inventories. – more

      Japan’s NSSC raises spot stainless steel CRC, plate prices for Jun – Japan’s Nippon Steel & Sumikin Stainless Steel Corp. announced last week that it was raising its June prices for austenitic stainless steel cold rolled coils and plates for distributors by Yen 15,000/mt ($137/mt) and those for ferritic CRC by Yen 10,000/mt. – more

      Ni Traded at High-level Price Continuously From 1st to 4th of June = Ni price soars due to forecast production curtailment of nickel pig iron = LME nickel prices as of June 1 were US$15,150 per ton for cash seller and settlement and US$15,200 for 3-month seller, which hovered at a high-level price following the prior day. (Hereinafter, the price is per ton) – more

     EU steel demand to grow in 2018, deflected imports a threat: Eurofer – European steel demand is slated to grow modestly this year, after seeing similar year-on-year growth in 2017, according to Eurofer President Geert Van Poelvoorde. – more

• Surge in 2018 EU steel imports directly linked to Trump tariffs: Eurofer – more

     Old, new drivers underpin nickel’s star performance – Nickel is turning out to be the star performer of the major industrial metals so far this year. – more

      Vale confirms coming ‘announcement’ about Canada’s Voisey’s Bay mine – Soaring prices for cobalt, one of the crucial elements in batteries for cellphones and electric vehicles, could be behind an enigmatic decision made by Brazil’s mining giant Vale regarding its stalled project in Canada’s Voisey’s Bay, in the Atlantic province of Newfoundland and Labrador. – more

• Vale Reaches $700 Million Deal to Sell Cobalt Output – more

     Electric cars open new doors for Clive Palmer as nickel prices boom – The rising demand for nickel, cobalt and copper in electric cars is behind businessman Clive Palmer’s bid last week to reopen his Queensland Nickel plant in Townsville. – 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, June 7

• Three month nickel closed Wednesday’s trading session at $7.09/lb . Indicators at 6:25 am CST today show 3 month nickel trading around $.06/lb higher. Stockpiles of nickel stored in LME licensed warehouse fell on Wednesday and now total just under the 378,800 tonne level. A stronger Euro and higher Chinese steel prices are helping nickel finds its wings today, after its first negative trading day in over a week. News remains light, but Clive Palmer is now telling Australia, that his motive for reopening the Queensland Nickel refinery at Townsville, will be the billions of dollars worth of cobalt that exists in the years of collected nickel tailings. We have seen this before in the Philippines. For years, low content nickel ore was discarded in piles as miners sought out the higher content ore. Twenty years ago, you could find pictures of these mountains of low content ore on the internet. No more. When nickel prices got out of hand a little over a decade ago, Chinese nickel producers came up with a way to economically extract this nickel and thus was born the term “pig nickel”. And the Philippines and Indonesia suddenly became heavy hitters in the nickel supply chain. Five working days into June and we have averaged withdrawals from LME nickel stockpiles of 2363 tonnes per day. Just for fun, divide 278,800 tonnes on hand by 2363 average withdrawn over last 5 days. Kind of gets your attention, doesn’t it? This is our last update for the week, so we wish you a safe and enjoyable weekend and hope to see you again next week.
• Average price of cash nickel so far this month – $6.97/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper hits 2018 high on Chile supply fears – more
• Reuters Daily Inside Metals – pdf here
• U.S. Imports of Stainless Steel Mill Products – more

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Scotiabank to scrap half its metals business- sources – more
• Britain Has Gone Nine Days Without Wind Power – more
• Euro-Area Exports Fall, German Factories Suffer Another Blow – more
• Stocks Mixed as Tech Momentum Ebbs; Treasuries Dip: Markets Wrap – more

     Wednesday’s market review – Copper hits 3-1/2 month high as dollar sinks, Chile supply concerns linger – Copper hit a 3-1/2 month high on Wednesday as the dollar fell sharply, concerns lingered over possible supply disruptions in Chile and buying momentum picked up after the metal broke key technical levels. – more

      Tesla leads electric vehicle race to cut cobalt dependency: Andy Home – If Elon Musk had his way, there would be no cobalt in any of the batteries powering the next generation of Tesla. – more

      Market Trend of Import of Ferroalloy as of 31 May 2018 = Impact from prevailing regulation of production in China is uncertain, which confuses market slightly = The market trend of import of ferroalloy as of 31 May 2018 is as follows. – more

      Clive Palmer targets $6bn of cobalt from Queensland tailings – Businessman Clive Palmer claims that tailings owned by his companies in Queensland contain cobalt worth $6 billion. – more

      LME says plans to launch about 15 contracts from January 2019 – The London Metal Exchange (LME) plans to launch around 15 new contracts from next January, including cash-settled cobalt and hot-rolled coil steel contracts, an executive said on Wednesday. – 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, June 6

• Three month nickel closed Tuesday’s trading session at $7.14/lb . Indicators at 6:15 am CST today show 3 month nickel trading around $.03/lb lower. Stockpiles of nickel stored in LME approved warehouses fell on Tuesday and started today just over the 280,100 tonne level. Very slow news day, with the main stories having to do what may or may not happen as it relates to the Queensland Refinery in Australia, and where Noront will build its new ferrochrome smelter in Canada. No decision in either matter. Nickel is off slightly this morning, with traders trying to hold a late Tuesday spike in trading prices. Nickel broke thru the $15,000 tonne barrier last Wednesday and now is threatening the $16,000 tonne level. We would love to have a crystal ball we could peer into and reveal where the market is headed, but since computers have taken over much of the trading, the why’s are less clear. The long term trend remains bullish, with the short term overdue for a correction.
• Average price of cash nickel so far this month – $6.93/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper prices hit 3-month highs on Chile supply concerns – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Supply-side reform: less is more – more
• EU set to impose extra tariffs on U.S. imports from July – more
• Three US mills object to NLMK USA’s steel slab exemption requests – more
• Stocks Rise as Trade Fears Ebb; Bonds Drop on ECB: Markets Wrap – more

     Yesterday’s market review – Copper hits 6-week peak on worries over Escondida wage talks – Copper hit a six-week high on Tuesday as concerns about the potential supply impact of wage negotiations at the world’s biggest copper mine helped push prices back above $7,000 a tonne. – more

      Could Nickel Dethrone Cobalt in the Battery Metals Space? – As the electric car revolution unfolds, investors interested in the battery metals sector are starting to look at nickel as the new hot metal. But will nickel dethrone cobalt any time soon? – more

      Clive Palmer says Queensland Nickel refinery in Townsville set to reopen – Embattled Queensland businessman Clive Palmer says the Queensland Nickel refinery in Townsville is set to reopen, despite its financial collapse more than two years ago and debts of hundreds of millions of dollars. – more

• Calls for Palmer to give back nickel jobs – more

      Accent: Sudbury as the ‘Harvard’ of hardrock mining – The Sudbury Basin is Ontario’s metallic equivalent to the Alberta oils sands without the massive open pits as most of the mines historically have been underground. – more

      Noront close to naming site for ferrochrome smelter – Noront Resources is getting close to naming where its ferrochrome smelter will be located. – 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, June 5

• Three month nickel closed Monday’s trading session at $7.02/lb . Indicators at 6:20 am CST today show 3 month nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME approved warehouses fell hard on Monday, by over 5500 tonnes, and now totals just over the 281,200 tonne level. Nickel closed above the $7/lb level yesterday. More importantly, LME nickel traders are now trading at levels last seen in January 2014. Since May of last year, the trend for nickel has remained bullish, with occasional corrections that are necessary to keep the market healthy. The trend should continue to remain bullish unless the Trump trade wars start putting the kaboosh on economic growth around the world. With oil prices on the rise, electric vehicles will start looking more attractive to buyers, which would potentially accelerate demand for nickel containing batteries. Made reference to falling stockpiles yesterday. Worth noting is cancelled warrants are now reading in the 25% range, about where they were before the market turned bullish last year. On its own, that would typically be interpreted as a negative signal
• Average price of cash nickel so far this month – $6.90/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Copper rises above $7,000/T on worries over Escondida mine – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Team invents world’s first nickel-hydroxide actuating material that can be triggered by both light and electricity – more
• Trump’s Tariffs Send Corporate Canada Reeling in Disbelief – more
• Russia Has a New Richest Person – more
• Giant Waste-Spewing Mine Turns Into a Battleground in Indonesia – more
• Europe Stocks Rise With U.S. Futures; Pound Climbs: Markets Wrap – more
• El Niño–Southern Oscillation neutral, but tropical Pacific Ocean warming – more

     Monday’s market review – Copper price rises as wage talks start at world’s largest mine – Copper prices rose on Monday, helped by a weaker dollar and the potential for supply problems as wage talks began at the world’s largest copper mine. – more

      Video – There’s Been a Massive Shift in Nickel Sentiment – Mark Selby of RNC Minerals discusses why investors should be excited about nickel, the role it plays in the EV space and upcoming news for his company. – more

      Courtesy AIS – In the week ending on June 2, 2018, domestic raw steel production was 1,755,000 net tons while the capability utilization rate was 74.9 percent. Production was 1,726,000 net tons in the week ending June 2, 2017 while the capability utilization then was 74.0 percent. The current week production represents a 1.7 percent increase from the same period in the previous year. Production for the week ending June 2, 2018 is down 1.9 percent from the previous week ending May 26, 2018 when production was 1,789,000 net tons and the rate of capability utilization was 76.3 percent. – more

      Free cleft surgery to 100 patients in Palawan – Two large mining companies in Palawan will partner with “Operation Smile Philippines” (OSP) to provide a six-day free corrective surgery mission to 100 indigent residents with cleft lip and palate deformities in July. – more

      Clive Palmer has partial appeal win against PM – Clive Palmer has partially won an appeal relating to his defamation action against Prime Minister Malcolm Turnbull, who he is suing for $1 million. – 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, June 4

• Three month nickel closed Friday’s trading session at $6.96/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 fell on Thursday and Friday and start today’s session just below the 286,800 tonne level. Shanghai markets did not shadow LME’s Friday trading action last night, and instead rolled back slightly, and it appears LME traders are trying to figure out why. Nickel has closed above the $15,000/tonne level for three straight sessions, and has the $7/lb level in its sites. The long feared trade war appears to have arrived, but traders so far are not reacting. This may be due to the fact the current US administration changes it mind a few times a day, so the next tweet may change everything. LME nickel stockpiles fell another 6% in May. If this pace were to continue, we would see LME stockpiles run out by the end of next year. That is hugely doubtful, but it makes the huge inventory numbers – seem a lot less huge.
• Average price of cash nickel so far this month – $6.87/lb
• Average price of LME traded nickel in 2017 – $4.73/lb / 2016 – $4.36/lb / 2015 – $5.37/lb / 2014 – $7.65/lb

  Reports

• Reuters metals morning – Shanghai copper hits highest since April as traders eye supply – more
• Reuters Daily Inside Metals – pdf here

  Commodity/Economic Comments

• China Stainless Steel Scrap Market News / Price – more
• Yieh Daily Asian Stainless Steel News – more
• Baltic Dry Index – (chart)
• Alloyed for Lasting Value video – here
• Self Repairing for Lasting Value video – here
• Commentary: U.S. aluminium tariffs; collateral damage and a missed target – more
• Russian scientists pack more power into nuclear battery prototype – more
• Upbeat Economic Outlook Spurs Stocks; Dollar Slips: Markets Wrap – more

     Friday’s market review – Nickel rises for fourth day on China cuts, falling inventories – London and Shanghai nickel prices rose for a fourth straight session on Friday, supported by production cuts in China, plunging nickel inventories and higher steel prices. – more

      China’s Shandong Xinhai told to cut nickel pig iron output for summit -official – Shandong Xinhai Technology Co, one of China’s largest nickel pig iron producers, has been told to cut back output ahead of the Shanghai Cooperation Organisation (SCO) summit in nearby Qingdao, an official told Reuters on Friday. – more

     Asian Stainless Sheet Markets Show No Response to Rising Mat. Costs – According to informed sources, the stainless sheet export markets across the Asian region have seen no fluctuation in the product prices despite rising raw material costs such as nickel (Ni) and chromium (Cr). Rather, the prices remain weak, going slightly down. – more

      Divergent Stainless Steel Price Trends Derive From Section 232 – Stainless steel markets throughout the world have responded differently to the United States’ announcement, at the beginning of March 2018, of 25 percent tariffs on steel imports and 10 percent tariffs on aluminium. – more

      Shut-down of Medium-sized Mills in Jiangsu, China Is Feared to Extend = May extend to all areas in Taizhou, and demand for FeCr is feared to be down = Shut-down of medium-sized stainless steel mills (24 furnaces) was implemented in Dainan, Jiangsu in China on May 24, and such possibility has newly come up to the surface as this shut-down will extend to all the areas in Taizhou. – more

      Nickel prices likely to surge on hope of widening deficit, electric vehicle boom – The sharp rise in Refined Nickel and alloy imports can be attributed to accelerating imports from Indonesia and stable shipments from Philippines. – more

• Nickel stockpiles slip as the ‘clean energy revolution’ revs up – more

      For the month of June 2018, North American Stainless will increase the fuel surcharge to 27% for stainless flat and long products. The surcharge rate is considered a maximum level for June and will be reviewed monthly. – source

      Courtesy AISI – In the week ending on May 26, 2018, domestic raw steel production was 1,789,000 net tons while the capability utilization rate was 76.3 percent. Production was 1,718,000 net tons in the week ending May 26, 2017 while the capability utilization then was 73.7 percent. The current week production represents a 4.1 percent increase from the same period in the previous year. Production for the week ending May 26, 2018 is up 0.8 percent from the previous week ending May 19, 2018 when production was 1,775,000 net tons and the rate of capability utilization was 75.7 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

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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.