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
$10.43/lb
($23,005/tonne). Indicators at 6:00 am CST today show nickel trading around $.07/lb lower. Stockpiles of nickel stored at LME licensed warehouses fell on Tuesday and ended that trading day just over the 43,950/tonne level. Cancelled warrants jumped to over 12% on Monday and nearly 15-1/2% on Tuesday. We suspect these sudden purchases are to cover some of those empty containers that turned up, but that is only speculation on our part. Shanghai nickel continues to slip, down to 176,560 y/t overnight. Lot of news linked today so we leave you with it. Stay safe out there and enjoy your hump day! - Average price of LME traded cash nickel so far this month – $10.76/lb
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Reports
Tuesday’s market review – Copper stumbles on U.S. banking crisis and firmer dollar – Copper prices faltered on Tuesday, unsettled by worries about the knock-on impact of a U.S. banking crisis, a stronger dollar and a slow recovery of demand in top metals consumer China. – more
Stainless steel market stabilises, nickel surplus persists – While recyclers generally report a better-than-expected start to the year, persistent surpluses, falling prices, and geo-political and financial risks continue to cloud the outlook. – more
Spot Nickel Trading is Sluggish Despite Dropping Nickel Prices – Nickel prices trended lower last week as many bearish macro factors emerged. – more
Indonesia minister warns miners to comply with environmental rules – A senior Indonesian cabinet minister on Tuesday warned companies operating in a nickel-rich region to comply with the country’s environmental regulations or risk getting their operating licenses revoked. – more
Philippine Miners Not Keen on Indonesia Nickel Alliance Plan – A plan by top nickel miner Indonesia to create an OPEC-like group to coordinate supply would not benefit the Philippines, the No. 2 producer, according to an industry group. – more
US continues AD duty on stainless steel butt-weld pipe fittings from 3 countries – According to the final result of the expedited fourth sunset review of the anti-dumping duty orders on stainless steel butt-weld pipe fittings, the US Department of Commerce (USDOC) ruled …. – more
CME Group Announces First Trades of Molybdenum Oxide (Platts) Futures – CME Group, the world’s leading derivatives marketplace, today announced the first trades of Molybdenum Oxide (Platts) futures. – more
Courtesy AISI – In the week ending on March 11, 2023, domestic raw steel production was 1,677,000 net tons while the capability utilization rate was 75.0 percent. Production was 1,710,000 net tons in the week ending March 11, 2022 while the capability utilization then was 78.7 percent. – more
Other News
- US steel sentiment hits new high for 2023 as mills increase finished prices – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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Слава Україні! – more