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 Daily
Nickel/Stainless Steel Wrap-up
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Baltic Dry Index - plus 86 to 3,316.
(chart)
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Dollar graph in lower right corner of this page -
(chart of dollar index)
(live
java chart)
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Headlines & leaders - (Bloomberg) China Inflation, Production Accelerate,
Adding Pressure for Stimulus Exit // Metals Fall, Yen Strengthens on Speculation
China Will Restrain Expansion // Japan's Economic Growth Revised Down to
3.8% as Business Spending Slumps // Asia's Billionaires Doubled Wealth at
World's Fastest Pace, Forbes Says // HSBC Private Bank Suisse Says `Serious'
Data Theft Affects 15,000 Accounts // Swiss National Bank Keeps Benchmark
Rate Near Zero as Economy Strengthens // European Stocks Decline, Led by
BHP Billiton, Lagardere; Volkswagen Gains // Foreclosures in U.S. Rise at
Slowest Pace in Four Years on Obama Efforts // El-Erian Says World Economy
May Face Disruptive Sovereign Debt Imbalances // Household Wealth in U.S.
Increases at a Slower Pace as Home Values Decline // Trade Deficit in U.S.
Unexpectedly Shrinks as Oil, Automobile Imports Drop //
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At the moment, the Euro is trading nearly 1/10 of 1% higher against the US
Dollar. NYMEX crude oil is down nearly 1/3 of 1% and under $82/barrel. Gold
is trading flat and silver is up nearly 1/2 of 1%. Base metals ended the
day mixed and mostly lower. Indicator charts show nickel opened lower, then
spent the day in choppy trading within a $350/tonne range. For the day, Dow
Jones reports three month nickel ended the day at
$9.66/lb
 , and well
off session lows. Inventories of nickel stored in LME approved warehouses
fell for a eight consecutive session overnight, and now rest just under 159,400
tonnes. Sucden's day old nickel chart shows LME trading thru yesterday
(chart here). Canceled warrants have slipped to 1-1/2%
and inventories have fallen off their record high by nearly 7100 tonnes.
They remain 1,474 tonnes above the level they ended 2009 at. So far this
month the overall level has fallen by 3,282 tonnes. The Baltic Dry Index
rose 86 points overnight to 3,316. World markets are having another ho-hum
day of trading, with primary focus today centered on fears that China may
take aggressive action to slow its growth and nip hints of inflation.
Reports
Commodity/Economic Articles and Comments
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Dow Jones) India's nickel imports in 2010-11 are likely to rise 12.5% on
year to 45,000 metric tons on the back of an increase in demand for nickel-coated
stainless steel, a senior industry executive said Thursday. "Around 75%-80%
of the nickel imported in the country is utilized by the stainless steel
industry. With the Indian stainless steel industry growing at 8%-10% annually,
the demand is bound to rise," said N.C. Mathur, president of the Indian Stainless
Steel Development Association.
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(Dow Jones) U.S. nickel imports fell 9.4% in January from last month, and
was down 11.9% from the previous year, the Commerce Department reported Thursday.
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(Dow Jones) U.S. nickel exports fell 8.0% in January from the previous month,
but was up 252.1% from the previous year, the Commerce Department reported
Thursday.
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(MP) Brazilian mining giant Vale is exploring for nickel on lands owned by
Ferbasa, the country's leading ferro-chrome producer has revealed.
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China data point to 'overheating,' boosting rate-hike case -
more
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The Ryan Tax Plan: Higher Taxes for 90% of Americans, Less Revenue for the
Government -
more
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Q&A: Atlanta Fed’s Altig on Small Business’s Potential to Derail
Recovery -
more
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Unemployment Rates, by State: Most Regions Added Jobs in January -
more
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U.S. Foreclosure Activity Decreases 2 Per Cent in February -
more
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Goldman Deal-Maker Now Advocates Regulation -
more
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Greece Braces for Long, Deep Recession -
more
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It's Going To Implode: Buy Physical Gold - NOW -
more
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Gallup: Can’t Get No Satisfaction -
more
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A China Catalyst? -
more
 Crowflight Resumes
Milling Operations at Bucko - Crowflight Minerals is pleased to announce
that milling operations have resumed at the Bucko Lake Nickel Mine ("Bucko
Mine") located in the Thompson Nickel Belt near Wabowden, Manitoba. -
more
 Nickel Production
Heating Up - Nickel prices touched a peak of $22,765 per ton for spot delivery
on the London Metal Exchange last week, before correcting 5.8% this week.
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more
 Phiri to Leave
Merafe for New Platinum Firm - JSE-Listed ferrochrome producer Merafe Resources
announced yesterday CEO Steve Phiri would step down at the end of the month
to take over the reins at a Royal Bafokeng-owned platinum company. -
more
 World Bank Must
Stop Plan to Finance the Second Largest Indonesian Nickel Mine - They planned
to give a political risks assurance for the second biggest nickel company
in Indonesia, PT Weda Bay Nickel. -
more
(note - keep in mind this organization is an anti-mining operation)
Nerves of
steel - Anglo subsidiary Kumba has cancelled a supply contract with ArcelorMittal
SA that was meant to last about 25 years. The two have now reached a standoff,
which is being felt across the economy. -
more
Morning
Briefing (8:00 AM CST
is 1PM in London)
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Indicators at 7:20 am CST show 3 month nickel trading around $.12/lb
lower, with other
base metals also lower. The US Dollar is trading only slightly higher against
the Euro at the moment. NYMEX crude futures are quiet and barely over $82/barrel.
Gold and silver both opened a little over 1/10 of 1% lower. In overnight
trading, Asian markets ended lower with China only slightly lower. European
markets are lower this morning, while US futures are slightly lower. Apparently
the best phrase to describe trading this morning is "slightly lower". Nickel
inventories slumped yet again overnight.
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Bloomberg morning base metal news -
more
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Reuters morning report -
more
Reports
Commodity/Economic Comments
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Edward Meir of MF Global Morning Comments - Metal prices retreated on Wednesday,
this despite trade data out of China showing February imports of unwrought
copper rising to almost 323,000 tons, up almost 10% from the previous month.
Imports of copper scrap fell 17% from January, likely attributable to a lack
of availability. On the whole, copper prices have not done much so far this
week, with prices still hemmed in by $7600 resistance. The same is true with
the other metals, with most of them slightly lower so far on the week, with
the exception of lead and tin. Right now, all the metals are down, except
for ali, which is clinging to a modest gain. .... We are $21,340 on
nickel, down $180, as prices are pushing lower after failing to mount a serious
test of $25,000 resistance. We frankly have been puzzled by nickel's move
higher to begin with, and so are not surprised by the current
weakness. (read Ed Meir's complete morning base metals report
here)
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Note - China's January-February nickel production reached 28,159 tons, an
increase of 8.7% YOY. February's nickel production rose 0.4% to approximately
13.7 thousand tons.
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(MF) Japan’s stainless steel mills are increasing their production capacity
to 80 percent due to improved demands.
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(Yieh) Japan’s biggest stainless steel mill, Nippon Steel & Sumikin
Stainless Steel (NSSC) has announced new ex-work price of March. In order
to offset increasing nickel costs, the price for domestic market increased
over US$55/ton. The company’s price of 304 cold rolled stainless steel
sheets was at 365,000/ton, increased by 5,000/ton from February.
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(AP) General Moly Inc. said Friday a Chinese firm has agreed to buy a 25
percent equity stake for $80 million and secure other funding designed to
fully finance a Nevada molybdenum mine. Under the agreement, Hanlong (USA)
Mining Investment Inc., a wholly owned subsidiary of Sichuan Hanlong Group,
will arrange for and guarantee for a $665 million bank loan from a Prime
Chinese Bank.
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(MDM) Swiss fasteners distributor Bossard Group reported sales for 2009 were
CHF 395.1 million (US$369.5 million), down 30.2% from 2008. In local currencies,
sales were down 28.6%. Profit declined 52.8% to CHF 15.3 million (US$14.3
million).
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(MDM) January U.S. manufacturing technology consumption totaled $130.96 million,
according to the American Machine Tool Distributors' Association and The
Association for Manufacturing Technology. This total, as reported by companies
participating in the USMTC program, was down 40.3% from December but up 26.2%
from the total of $103.77 million reported for January 2009.
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(RITA) The Freight Transportation Services Index (TSI) rose 0.4 percent in
January from its December 2009 level, rising after the index was unchanged
in December, the U.S. Department of Transportation’s Bureau of
Transportation Statistics (BTS) reported today.
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Slowing China challenges for resource investors -
more
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Volatility ahead for commodities, says Glencore -
more
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A commodities bubble looks unlikely -
more
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China - Feb inflation indexes rise as new loans fall by half -
more
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Reporter changes to man of steel -
more
 Cuba says Sherritt
nickel venture at record output - Canadian mining company Sherritt
International's joint nickel venture in Cuba broke production records in
February, while a second plant's output was 2 percent above plan, official
media reported Wednesday. -
more
 Antofagasta uses
LME moly prices in contracts - Antofagasta is using prices on the London
Metal Exchange (LME) molybdenum contracts as a reference for its 2011 contracts,
the Chilean miner said at the Reuters Global Mining and Steel Summit on
Wednesday. -
more
 Quantities Of Chrome
Ore Imported By China In CY 2009 And Broken Down By Sources = Total Quantity
Of Cr-Ore Imported By China In 2009 Was Smaller Than That Imported In 2008
- According to the customs-statistics released in China, the quantities of
chrome ore imported by China in the calender year (January - December) of
2009 as well as in a single month of December and broken down by sources
were as per the table shown below. -
more
China keen
to invest in SAfrica mines - South Africa's mines minister said on Wednesday
that China had shown strong interest in investing in the African country's
mining sector, and reassured investors there were no plans to nationalize
mines. -
more
China sets new record
high for crude steel output in January - China produced a record 52.53 million
tonnes of crude steel in January, confirming market sentiment that the
government's efforts to curtail overproduction have gone nowhere. -
more
 Western Areas
Nickel Lucky - Nickel miner Western Areas NL and gold producer Troy Resources
NL says they have accelerated drilling at their Sandstone joint venture in
Western Australia after making an interesting new nickel discovery. -
more
 Tata Steel hit by
Orissa Govt's blanket mining ban order - The Orissa Government's order banning
what it feels “illegal” mining by private companies in the State's
iron ore-rich Banspani / Jarauli areas has proved too much for Tata Steel.
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more
Sudbury/Voisey's Bay Nickel Strike Coverage
Iron Ore News // Talks / Spy Scandal
Coverage
 Morning Nickel
Inventory and Price Statistics & Figures
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London Metal Exchange inventory figures/changes - (for today's
figures see MF Global report above)
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Today's almost official prices
here / Yesterday's actual
LME official prices
here
or
here
(chart)
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Shanghai Jinchuan nickel price - available
here
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