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
$9.56/lb
($21,070/tonne). Indicators at 6:00 am CST today show nickel trading around $.10/lb 
higher. Stockpiles of nickel stored in LME licensed warehouses fell on Tuesday and ended that session just under the 39,200 tonne level. Shanghai nickel fell slightly overnight, to 165,300 y/t. Nickel came very close to falling below the $21,000 tonne level yesterday, and is crawling away from the edge this morning. Yesterday’s close was the lowest for LME nickel since early September 2022. The Euro continues to slump against the U.S. Dollar so the negative pressure on commodities continues. Another day with a good range of industry news so we leave you to it. Stay safe out there and have a great hump day! - Average price of LME traded cash nickel so far this month – $10.58/lb
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Reports
Tuesday’s market review – Copper slips as Chinese data points to weak demand – Copper prices fell on Tuesday as data from top consumer China suggested that its economic recovery is losing momentum, worsening the outlook for metals demand. – more
SunSirs: The Stainless Steel Market Was Weak and Declined in This Week (May 8-12) – According to the price monitoring of SunSirs, stainless steel had slightly declined this week. – more
Stainless steel markets set for further decline in coming weeks – A further decline in stainless steel markets is expected in the run-up to the Northern Hemisphere’s seasonally slow summer period following a marked price fall so far during the second quarter, according to the International Recycling Bureau’s Stainless Steel and Special Alloys World Mirror quarterly report, released May 12. – more
POSCO’s stainless steel production and sales recover in Q1 – South Korean steelmaker POSCO reported that its stainless steel production in the first quarter of 2023 totaled 392,000 tons, surging by nearly 160% compared to the previous quarter but falling by 25% from the corresponding period a year earlier. – more
Future of Canada’s mining industry hangs on who gets U.S. subsidies, with nickel the ‘litmus test’ – Execs worry a quirk in the Inflation Reduction Act could allow nickel powerhouse Indonesia to qualify for tax incentives, making it almost impossible for North American companies to compete – more
EU raw material targets need money and faster permits, sector chief says – The European Union will only meet ambitious targets to reduce its reliance on China and other countries for critical materials by rapidly scaled-up financing and accelerated permitting, according to the head of an EU sector alliance. – more
LME making ‘incremental progress’ in reviving investor confidence after last year’s nickel fiasco, CEO Chamberlain says – The 146-year-old metal trading bourse is doing something every day to earn investors’ trust, Matthew Chamberlain says – more
Courtesy AISI – In the week ending on May 13, 2023, domestic raw steel production was 1,725,000 net tons while the capability utilization rate was 76.7 percent. Production was 1,771,000 net tons in the week ending May 13, 2022 while the capability utilization then was 81.1 percent. – more
Other News
- LME works with Chinese commodities exchange to launch EV battery metal contracts as demand, prices surge – more
- People Buy from People – Until They Don’t – more
Economic Stats and Prices (posted in Friday edition)
Why Stainless Steel
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