Stainless Steel News, Daily Nickel Price, Molybdenum, Ferrochrome, Metal Pricing, Stainless Steel Scrap Prices
Daily Nickel/Stainless Steel Briefing
- Nickel closed Monday’s trading session at
$9.13/lb
($20,130/tonne). Indicators at 5:45 am CST today show nickel trading around $.20/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses went unchanged on Monday and remain just north of the 37,000 tonne level. Shanghai nickel rose overnight, to 169,340 y/t. Nickel is up this morning with the initial momentum coming from a softer Dollar. That has since evaporated, so the momentum now could be a shift to forcing shorts to cover their bets. China cut its prime lending rate overnight, but not as much as traders had hoped and its impact is seen as minimal. Lots of news today, so we leave you to it. Stay safe and have a great Tuesday! - Average price of LME traded cash nickel so far this month – $9.32/lb
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Reports
Global nickel market in 27,400t surplus in June – INSG – The global nickel market had a surplus of 27,400 metric tons in June, compared with a surplus of 16,200 tons in the same month last year, data from the International Nickel Study Group (INSG) showed on Monday. – more
Taiwan’s stainless steel prices expected to rise in Sep, downstream buyers keep cautious – Amid the backdrop of the depreciating Taiwanese Dollar and Taiwanese steel manufacturers being impacted by elevated procurement costs of Indonesian materials, which pushed up raw material expenses, stainless steel prices for September were expected to increase further. – more
Column: BHP sees China commodity demand as stable. And that’s the best case – BHP Group reported its lowest annual profit in three years, but the decline isn’t the most worrying factor for the world’s biggest mining company. That prize goes to an increasingly uncertain outlook for its key commodities. – more
Tsingshan starts 50,000-ton nickel plant in Indonesia -sources – Major Chinese nickel maker Tsingshan Group has started commercial production of refined nickel in Indonesia, three sources familiar with the production told Reuters on Monday. – more
Jubilee Metals upbeat as chrome expansion continues amid high prices – Jubilee Metals Group PLC said on Monday its chrome production plan sought to take advantage of buoyant prices, and indicated that its rollout of copper expansion in Zambia was progressing ahead of schedule. – more
Chinese steel market under pressure as production strong, inventories high – China’s steel market has been under pressure in August, as steel production has not shown signs of slowing despite sluggish end-user demand, with trading sources expecting any upcoming government-mandated steel output cuts in 2023 to be less stringent than 2022. – more
Courtesy AISI – In the week ending on August 19, 2023, domestic raw steel production was 1,756,000 net tons while the capability utilization rate was 77.2 percent. Production was 1,719,000 net tons in the week ending August 19, 2022 while the capability utilization then was 78.0 percent. – more
Other News
- A starring role for stainless in the food; beverage sector – Stainless Steel World – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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