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
$11.59/lb
($25,555/tonne). Indicators at 6:00 am CST today show nickel trading around $.34/lb 
lower. Stockpiles of nickel stored in LME licensed warehouses rose on Tuesday and started today just over the 21,700 tonne level. Shanghai nickel decided LME traders were not going to take its hint to pause yesterday and jumped to 195,910 y/t overnight. In fact, LME took the hint, but waited until today to start a correction. All metals are down as the Euro slumps against the US Dollar, with nickel falling back well below the $25,000 tonne level. Lot of news, and a couple were new to us. From a murdered journalist in Columbia who was investigating the Cerro Matoso nickel mine, to the United States once again getting its hands dirty in the now named Fenix nickel mine in Guatemala. A Chinese company wants to build a stainless steel plant in Vietnam, something we are and likely will see more of, as China continues to clamp down on pollution emitting factories. Sir Mick Davis wants to get back in the mining game and has money to spend. And more. Stay safe out there and enjoy your hump day! - Average price of LME traded cash nickel so far this month –
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Reports
Tuesday’s market review – Copper gains after strong Chinese growth data – Copper prices rose on Tuesday after data revealed faster-than-expected economic growth in top consumer China, while tin rose for a second day on concern over supply from Myanmar. – more
worldsteel Short Range Outlook April 2023 – The World Steel Association (worldsteel) has today released its Short Range Outlook (SRO) steel demand forecast for 2023 and 2024. worldsteel forecasts that this year, demand will see a 2.3% rebound to reach 1,822.3 Mt. – more
China’s crude steel output rises by 6.1 percent in Q1 – In the January-March period this year, China’s outputs of pig iron, crude steel and finished steel amounted to 219.83 million mt, 261.56 million mt and 332.59 million mt, increasing by 7.6 percent, 6.1 percent and 5.8 percent, respectively, year on year, as announced by China’s National Bureau of Statistics (NBS). – more
- Chinese cold-rolled & hot-rolled stainless steel prices modulate differently – more
China’s Yongjin Metal to build new stainless steel plant in Vietnam – Yongjin Metal, a China-based stainless steel supplier, announced that it would invest US$125 million to build a precision stainless steel plant in Vietnam – more
Mining Veteran Mick Davis Raises $590 Million for Metals Fund – Mining veteran Mick Davis’s investment firm raised $590 million as the dealmaker steps up his hunt for the metals needed for the energy transition. – more
Exclusive: U.S. Role in Notorious Nickel Mine Deal Revealed – The U.S. government is supporting a Canadian company to acquire a controversial nickel mine in Guatemala, according to a memo obtained by Newsweek. – more
Exclusive: Nickel mine in Colombia destroying biodiversity and health – Thirty media outlets in the Forbidden Stories consortium of investigative journalists, including FRANCE 24, are continuing the work of Colombian journalist Rafael Moreno, who was murdered in October 2022. – more
- The Hidden Story of a Notorious Guatemalan Nickel Mine – more
Courtesy AISI – In the week ending on April 15, 2023, domestic raw steel production was 1,687,000 net tons while the capability utilization rate was 75.0 percent. Production was 1,788,000 net tons in the week ending April 15, 2022 while the capability utilization then was 81.9 percent. – more
Other News
- Access to geopolitically-friendly critical elements supply chain vital for EV makers – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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