Stainless Steel News, Daily Nickel Price, Molybdenum, Ferrochrome, Metal Pricing, Stainless Steel Scrap Prices
Daily Nickel/Stainless Steel Briefing
- Nickel closed Friday’s trading session at
$9.58/lb
($21,125/tonne) and Monday’s session at$9.55/lb
($21,050/tonne). Indicators at 5:45 am CST today show nickel trading unchanged from Monday’s close. Stockpiles of nickel stored in LME licensed warehouses fell a grad total of one lot over the last two working days and start today’s session just over the 37,150 tonne level. Shanghai nickel rose over their last two sessions, to 170,710 on Monday and 171,800 y/t this morning. Nickel got a bump on Friday to start the new month, but gave back a little yesterday, with U.S. markets closed for Labor Day. This morning, LME traders appear to be waiting to see what mood U.S. traders will return to the market in. If futures are any hint, then U.S. traders are wondering the same. The last third of 2023 has officially begun. Stay safe out there and have a great Tuesday! - Average price of LME traded cash nickel so far this month – $9.29/lb
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Reports
Metals Drop From Four-Week High as Traders Assess China Policy – Most base metals retreated after racking up a second weekly gain on China’s moves to ease stress in its struggling property market. – more
- Nickel prices start September 2023 on a positive note – more
European stainless steel makers move to US amid falling EU profits – As a result of recent events in the markets of Europe and the US, the difference in prices for stainless steel exceeded $1,350 per ton in favor of the US market. – more
Column: Abaxx offers sulphate solution for broken nickel market – It’s been a year and a half since the London Metal Exchange (LME) nickel contract went into meltdown, forcing the suspension of trading and the controversial decision to cancel trades. – more
US announces final CVD ruling on India’s stainless steel flanges – According to the final results of the expedited first sunset review of the countervailing duty (CVD) order, the US Department of Commerce (USDOC)…. – more
Government tightens norms for sale of aluminium, copper, and nickel from December – India has restricted the sale of poor-quality aluminium, copper, and nickel from December 2023 onwards.- more
W. Australia Offers to Make Indonesia’s EV Battery Dream Come True – The state of Western Australia says that it wants to help make Indonesia — its close neighbor that is also abundant in nickel — one of the key players in electric vehicle (EV) manufacturing, particularly its components such as batteries. – more
From ‘Ring of Fire’ to Mincor: Nickel dream drives Wyloo boss – Ask Wyloo Metals boss Luca Giacovazzi, 31, if he’s a bit young to be four years into running a pure-play nickel miner that wrestled control of Canada’s fabled “Ring of Fire” basin from resources giant BHP, and he quips: “Don’t hold it against me.” – more
China Mulls Tougher Rules on Commodity Trading For Key Firms – China has proposed tougher-than-expected rules on commodities trading by its state-owned giants, as Beijing seek to tackle hidden risks in the world’s biggest raw materials market. – more
Other News
- Copper Crime Ring Is Latest Scandal to Rock the Metals World – more
- Risks rise in critical minerals boom – more
- Guinea bans mining companies from exporting more than half of foreign exchange earnings – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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