Stainless Steel News, Daily Nickel Price, Molybdenum, Ferrochrome, Metal Pricing, Stainless Steel Scrap Prices
Daily Nickel/Stainless Steel Briefing
- Nickel closed Tuesday’s trading session at
$9.98/lb
($22,000/tonne). Indicators at 6:00 am CST today show nickel trading around $.08/lb higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and started today just over the 37,100 tonne level, its lowest this year. Shanghai nickel played catch-up overnight, increasing to 169,950 y/t. Nickel jumped yesterday on Chinese banking changed made to stimulate the domestic economy. Markets also appear to be betting the Federal Reserve will not raise interest rates later today. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month – $9.57/lb
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Reports
Shanghai Metals Market
Tuesday’s market review – Base metals rise as China’s rate cut raises stimulus hopes – Prices for copper and other base metals rose in London on Tuesday after the central bank of top metals consumer China lowered a short-term lending rate for the first time in 10 months to prop up its post-pandemic recovery. – more
European stainless scrap prices approach rock bottom – EUROMETAL – European stainless steel scrap prices are reaching rock bottom, some sellers believe. – more
IEA Plans To Launch Electric Vehicle Raw Material Import Benchmark, Targeting Lithium, Nickel And Cobalt – The International Energy Agency (IEA) plans to launch electric vehicle raw material import benchmarks/guidance before the end of 2023, aiming to limit import dependence of its members on a single supplier for key minerals that are essential for the spread of renewable energy. Lithium, nickel and cobalt will be targeted, and levels of total procurement by IEA member countries will be set for those minerals. – more
EU’s ‘anti-dumping police’ cracks down on fraudulent importers – The European Antifraud Office (OLAF) has set out how it is tackling the imports of metal products which are systematically being given incorrect codes by importers to avoid anti-dumping duties. – more
GM, SDI will build $3 billion battery manufacturing plant in Indiana – General Motors and Samsung SDI will build a more than $3 billion EV battery cell plant in Indiana scheduled to begin operations in 2026, creating 1,700 jobs, the state’s governor said Tuesday. – more
Panoramic suspends concentrate production at Savannah – Nickel miner Panoramic Resources has suspended ore processing and concentrate production at its Savannah nickel project, in Western Australia with the miner also revising production guidance. – more
Red floods near giant Indonesia nickel mine blight farms and fishing grounds – Ansal grabbed a makeshift raincoat, an empty rice sack, and ran home as the rain began to pound the fields of Pomalaa. – more
Other News
- Why Should You Audit Your Freight Bills? – more
- Consumer Price Growth Slows, but Underlying Inflation Measures Remain High – more
- Falling commodity prices stoke fear of global recession – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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