Stainless Steel News and Nickel Prices, Molybdenum, Metal Pricing, Ferrochrome
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$8.90/lb
($19,610/tonne) and Wednesday’s session at$8.76/lb
($19,320/tonne). Indicators at 6:00 am CST today show nickel trading around $.02/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell the last two sessions and started today just under the 190,500 tonne level. Over the past month, we have seen average drop of 984 tonnes per day. Hypothetically, if this rate were to continue, LME warehouses have a little over 38 weeks of nickel left. Of course, this is not realistic, but since April 21st, stockpile numbers have fallen from 264,606 tonnes. The Euro has been on the increase against the U. Dollar this week, and that is helping base metal bulls. Shanghai nickel ended lower overnight, but so far this morning, LME traders are slightly higher. Nickel fell yesterday, with the Chinese PMI taking the market by surprise and falling into negative territory. Or maybe the surprise was the U.S. number bucked an overall world trend and rose in August. Here are your average monthly costs for August 2021 and their relation to July – Nickel – $8.69/lb ; Chrome – $4.88/lb ; Molybdenum – $19.78/lb ; and Iron stayed the same at $1.04/lb (iron never seems to change). Lot of news below. Watch nitrogen gas supply. Already in short supply due to the pandemic, NASA has announced a delay in a lift off due to it, and the hurricane in Louisiana over the weekend, just made matters worse. Amongst the many users of nitrogen, add stainless steel producers. And finally, stainless steel is used in many medically implanted devices in the human body. They are safe and long lasting. But – they are not an acceptable ingredient in your vaccine, as Moderna is finding out. If you contacted us yesterday, please give us a few weeks to respond. If you did not, we are still taking reservation for sponsors for 2022. Stay safe out there and have a great day. - Average price of LME traded cash nickel so far this month – $8.69/lb (August average)
- LME nickel chart – here / Euro/US Dollar chart – here
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Reports
Why Stainless Steel
Wednesday’s market review – Copper falls from two-week highs as factory activity slows – Copper prices fell sharply on Wednesday after data showed that factory activity slowed in August across swathes of Asia and Europe. – more
Taiwan’s Tang Eng announces new stainless steel prices for Sep – Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, announced to keep its new prices unchanged for the September domestic sales, including 304 cold-rolled and hot-rolled stainless steel, and the surcharge of 316L. – more
August ferroalloys price insight – In August, despite the usual decline in buyer activity during summer, the prices of almost all ferroalloys in Europe increased. For some products, the price increase exceeded 40% compared to July 2021. – more
China’s Conflicting Climate and Economic Goals Roil Commodities – China’s efforts to thread the needle between an often conflicting array of environmental, economic, social and geopolitical objectives are playing out in increasingly unpredictable global commodity markets. – more
EV push sees spike in ‘ínfluencer conversations’ about the issues – GlobalData – As several countries have committed to bringing in cleaner fuelled cars in a bid to reduce dependency on fossil fuels, the demand for electric vehicles (EVs) is quickly gaining traction in automotive markets around the world. – more
- How Many EVs Are Registered In Your State? You May Be Surprised – more
Nornickel fund lists physically-backed copper and nickel ETCs in Germany – A fund set up by Russian miner Norilsk Nickel (Nornickel) said on Tuesday it had listed physically-backed exchange traded commodities (ETCs) offering investors exposure to copper and nickel prices on Germany’s Xetra exchange. – more
Russia does not plan to apply elevated export duty on metals in 2022: official – Russia’s 15% tax on ferrous and major base metals exports for Aug. 1- Dec. 31 will not be rolled over to 2022 in light of declining prices, Victor Evtukhov, Russia’s Industry and Trade deputy minister, told journalists on the sidelines of a panel discussion held by Metalloinvest. – more
Ring of Fire operator Noront recommends BHP offer over Wyloo Metals approach – Ring of Fire operator Noront Resources Ltd. is recommending its shareholders tender to BHP Group Ltd.’s takeover offer, despite an approach from Wyloo Metals Pty Ltd. that proposed a higher per-share transaction. – more
- BHP brawl tips why nickel will cost pretty penny – more
Procurement’s Opportunity to Create Value – “For the procurement professional, it’s one of the most exciting times I’ve seen,” says Roman Belotserkovskiy, an Austin, Texas-based partner at the global management consulting firm McKinsey & Company. – more
- Inflationary Impacts: Pushing Back on Supplier Price Increases – more
- Manufacturing output remains on strong footing in August, reports ISM – more
- ID’s August M&A Recap: Another Solid Month for a Revitalized Market – more
Other News
- Reuters The Day Ahead – pdf here
- Liquid nitrogen shortage delays Landsat 9 launch – more
- Five Every Day Uses of Nitrogen Gases (note #5) – more
- Moderna to recall COVID-19 doses in Japan after stainless steel contaminants found – more
- US metals end-users ask Biden to drop steel tariffs amid record prices – more
- Stocks Tick Higher With Futures as Jobs Day Looms: Markets Wrap – more
Morning Stats and Prices
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