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news covering the period of April 2020
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Thursday, April 30
Daily Nickel/Stainless Steel Briefing
Nickel closed Wednesday's trading
session at $5.59/lb ($12,320/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses went
unchanged yesterday and once again, started the day just under the
231,200 tonne level. So far, the last day of April's trading is rather
ho-hum. US equity futures are quiet, while European markets have turned
lower in the last hour. Base metals are also all trading lower, with
the Euro quiet as well. For the trading price of nickel, April was much
better than March, although much of the speculation was based on hopes
for a brighter future, as the present remained rather dim. With many
economists forecasting a horrible recession in our immediate future, we
are not sure how soon we will see the brighter future. Stay at home
orders are beginning to be rescinded in the US, with social distancing
still the word of the day. For better or worse, Americans can move
around a little more freely, which means, as long as they remain
healthy, spirits will be improved. Over 60,000 Americans have died to
date, and many Americans are apprehensive about a second round.
Americans heard yesterday, that in a US test, Remdesivir appeared to
help the sickest covid-19 patients, while a similar, but smaller
Chinese study, found little difference. We want to again thank our
April sponsor, Scott Stainless Steel. Because of them, and other
monthly sponsors, we continue to bring you daily updates on the nickel
and stainless steel markets. Over 1,000,000 diagnosed patients
worldwide have now recovered from covid-19. And that doesn't count
those who were never diagnosed.Stay safe, and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.32/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper set for biggest monthly gain since Dec 2017 on improving demand - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Remdesivir in adults with severe COVID-19: a randomized, double-blind, placebo-controlled, multicentre trial - more
Coronavirus may lurk deep in lungs after patients recover, study suggests - more
Wednesday's market review - Copper hits 6-week peak on
stronger demand prospects - Copper prices climbed to a six-week high on
Wednesday as the prospect of stronger demand in top consumer China and
output disruptions outweighed expectations of rising supplies from
producers emerging from new coronavirus lockdowns. - more
Taiwan’s Tang Eng raises stainless steel export prices for May - Tang
Eng Iron Works Co., one of the leading stainless steelmakers in Taiwan,
announced its stainless steel price for May yesterday. - more
China’s stainless steel exports increase almost 25% y-o-y this Mar -
According to the official statistic from the Chinese government, the
total exports of stainless steel from China this March were around
368,000 tons, increased by almost 25% year on year. - more
China’s stainless steel imports reach 60,000 tons this Mar - more
Glencore slashes spending and output guidance, says can ride out
coronavirus - Glencore cut its 2020 capital expenditure and output
targets on Thursday to reflect the impact of the coronavirus on its
operations, saying the belt-tightening left it well placed to weather
the pandemic. - more
Brazil's Vale receives non-binding offers for New Caledonia assets -
Brazilian iron ore miner Vale SA has received non-binding offers for
its nickel mining operations on the Pacific island of New Caledonia, an
executive said in a call with analysts on Wednesday. - more
Scrap Report A Priceless Commodity - The scrap metal industry is
unpredictable, but with innovation and persistence, businesses can
persevere. - more
Nickel closed Tuesday's trading
session at $5.60/lb ($12,350/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose just
slightly on Tuesday and started the day just under the 231,200 tonne
level. Not a lot to talk about today. America moves toward reopening,
with apprehension the best word to describe it. While no state
qualifies under the President's two week drop guideline, numerous
states have, and are returning to business - albeit, unlike the usual
we are used too. Nickel's trend since March 23rd and dipping below
$11,000/tonne, has been bullish, and at least for the short term, is
likely to remain so. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.31/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai zinc jumps to 2-month high on supply tightness - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Updated Timeline Notes
Nov 17(19) - China identifies (in March 2020) the first possible covid-19 victim - from Hubei province (source)
Dec 21 (19) - China epidemiologists publish in China medical report a
cluster of patients with "pneumonia of an unknown cause" Dec 31 (19) - China and Taiwan both notify the World Health Organization of a new virus
Dec 31 (19) - China advises their citizens of unknown virus spreading in Wuhan
Dec 31 (19) - US CDC alerted to 'cluster' of 27 cases of pneumonia in China
January 3 - Chinese scientists identify a new strain of coronavirus and name it covid-19
January 11 - China reports first covid-19 fatality in Wuhan
February 2 - Philippines reports first covid-19 fatality outside of China
February 6 - Tests later reveal United States first covid-19 fatality dies this date in California April 27 - World suffers 3 millionth known case of covid-19, with over 1.9 million listed active
April 27 - US reports its 1 millionth known case of covid-19, with over 800,000 showing as active
April 27 - China reports Wuhan, China has no known active covid-19 cases, after last hospitalizations released
April 28 - US announces more citizens have died from covid-19 in 12
weeks, than died over a span of 20 years, in the Vietnam War.
Tuesday's market review - Copper steady, focus on
stagnating growth and demand - Copper prices steadied on Tuesday as the
market focused on stagnating economic activity and falling demand due
to the coronavirus crisis, but production cuts by major miners because
of lockdowns provided support. - more
World's mine workers resist quick restart amid coronavirus - As mining
heavyweights South Africa and Peru move to lift coronavirus lockdowns,
workers in deep mines are resisting going back to work without adequate
protective gear and information about cases at sites, with one major
union filing legal action against restart plans. - more
Nickel and Nickel Products Export from Russia in 2019 - According to
SeaNews Russian Foreign Trade Customs Statistics online service,
exports of nickel and its products from Russia in 2019 amounted to
272.2 thousand tons (+10% year-on-year) worth $2.9 bn (+12.2%). - more
What Will Distribution Look Like Post-Virus? - The worst of the
COVID-19 pandemic appears to be over in the US, where the number of
daily new confirmed cases of the virus and deaths have leveled off and
begun to decline into late April. - more
Nickel closed Monday's trading
session at $5.56/lb ($12,240/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses remained
the same on Monday and once again, started just over the 231,100 tonne
level. With only three sessions remaining in April, cancelled warranted
have recorded in the 23% range every day this month so far. Nickel
started out strong yesterday, but ended the day $10/tonne lower than
Friday. Prices are starting today's session higher again, and it
remains to be seen if the early gains will hold. Lot more green on the
commodity trading board this morning, so traders must be seeing their
risk appetite returning. All the talk in the US right now is about the
return to business and the new normal. We added a troublesome article
below from Bloomberg about what is happening in Wuhan, the epicenter of
the outbreak, but who recorded no cases yesterday, for the first time
since early December. With the US no where near 'beating' this virus,
it is interesting to read how people are reacting in a place where, for
all practical purposes, they have beaten it. The fear factor is real
and could affect economic spending for a very long time after
politicians have declared we are open for business.
Average price of LME traded cash nickel
so far this month
- $5.30/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as virus-led demand worries outweigh output cuts - more
The Nickel Age of Superconductivity: It’s Hydrogen’s Fault - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Total confirmed COVID-19 deaths by income - more (more charts here)
Inside
the Dystopian, Post-Lockdown World of Wuhan - (excerpt of possible interest) But
inasmuch as citizens can return to living as they did before January,
it’s not clear, after what they’ve endured, that they really want to.
Shopping malls and department stores are open again, but largely empty.
The same is true of restaurants; people are ordering in instead. The
subway is quiet, but autos are selling: If being stuck in traffic is
annoying, at least it’s socially distanced. - more
Monday's market review - Copper hits six-week high on
hopes for demand revival - Copper bounced to its highest in about six
weeks on Monday as investors hoped that easing of lockdowns and factory
restarts would revive metals demand hit by the coronavirus pandemic. - more
Lockdowns and low prices generate nickel supply shock: Andy Home - If
the boredom has well and truly set in after weeks of travel
restrictions and social distancing, you could always join metal traders
in a game of lockdown lottery. - more
Philippine nickel miners to restart coronavirus-shuttered sites - The
Philippines’ top two nickel miners said on Tuesday they expect to
gradually resume mining and shipping operations in the country’s main
ore-producing region starting on May 1, following shutdowns to prevent
the spread of the coronavirus. - more
Business Economists' Outlook Darkens Since Virus Hit - A survey of U.S.
business economists in mid-April found that one-third of their
companies had shut down at least some of their operations, and
two-thirds had laid off or furloughed workers or cut their pay to try
to minimize the impact of the coronavirus. - more
Courtesy AISI - In the week ending on April 25, 2020, domestic raw
steel production was 1,250,000 net tons while the capability
utilization rate was 55.8 percent. Production was 1,892,000 net tons in
the week ending April 25, 2019 while the capability utilization then
was 81.3 percent. The current week production represents a 33.9 percent
decrease from the same period in the previous year. Production for the
week ending April 25, 2020 is down 2.1 percent from the previous week
ending April 18, 2020 when production was 1,277,000 net tons and the
rate of capability utilization was 57.0 percent. - more
Nickel closed Friday's trading
session at $5.56/lb ($12,250/tonne). Indicators at 6:20 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses jumped
higher on Friday and started the last week of April just over the
231,100 tonne level. Nickel is trading higher for a third consecutive
sessions, as bulls make a second attempt to separate themselves from
the $12.000/tonne trap they have been stuck at. A Chinese province is
considering stockpiles of non ferrous metals to juice their local
economy, which is probably helping base metals in general. Euro is
trading higher for the day, but lower for the month, so probably
offering little incentive. All the talk is kick starting the economies
with plans in motion to reopen many business'. While China is getting
a lot of negative press due to the fact this pandemic started there,
China's response to the crisis, gives the rest of the world a starting
point. The world saw its 3,000,000th victim this morning. Out of 1.4
billion citizens, China had 801 active cases yesterday, and no deaths.
The US, with nearly 330 million residents, had 813,000 active cases
yesterday and saw 1,147 residents die. Some of these protesters who
refuse to answer their country's call to stay home, need to be reminded
that freedom isn't free. Stay safe and have a great week.
Average price of LME traded cash nickel
so far this month
- $5.28/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper nears 6-week high as economies reopen; stimulus measures eyed - more
Scotiabank Metals Strategy: Macro Update for Metals - pdf here
thyssenkrupp Steel Europe Strategy 20-30 - pdf here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
CDC Cases in the US - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: China’s mask, gown markets in chaos as shortages of vital raw materials sow more mayhem - more
EU toned down report on Chinese disinformation after Beijing threatened ‘repercussions’, diplomatic sources say - more
On Friday morning, the death from covid-19 for the US rolled over
50,000. The closest picture we could find to give one an idea of how
many people that is - completely full the Stanford stadium (USC) holds
50,000 spectators - photo here
One
of the tragic stories of this outbreak that appears to have gotten
lost in the media cycle, is the spread of covid-19 in Veteran's (VA)
facilities. On Friday, the number of cases in these centers was on par
with Rhode Island or Missouri, with deaths double that of Rhode
Island's. Right behind the older veterans in number of active cases
(over 7,000 today), is active military service members. And our answer
to demands that prisoners be released early because of the pandemic,
for every prisoner that has died from covid-19, over 16 veterans housed in VA
facilities have died.
New York City sees increase in cases of people ingesting household cleaners after Trump's disinfectant gaffe - more
Copper has superior antibacterial effect, but in case you hear
otherwise in a future White House briefing, please allow us to be the
first to warn you against swallowing pennies as a potential covid-19
treatment. Since 1982, pennies are made of zinc with only 2.5%
copper. If you are lucky enough to find a penny made of copper, all
you will get out of swallowing it, is a penny in your ..... toilet.
In the mean time, if you feel you need to swallow an antiseptic ... try
Everclear Grain Alcohol - at 190 proof, it's 95% alcohol.
Friday's market review - Copper slips on worries about
recession, virus drug trials - Copper prices retreated on Friday on
fears about a deep global recession and pessimism over the development
of drugs to treat COVID-19. - more
China's Gansu considering metals stockpiling plan - govt official -
China’s Gansu province is considering a plan to commercially stockpile
nonferrous metals, a local government official said on Monday, after
Yunnan unveiled a similar initiative to boost its coronavirus-hit
economy. - more
South Korea's POSCO cuts 2020 steel output, sales targets by 7% on
COVID-19 impact - South Korea's steelmaking giant POSCO said Friday it
has lowered its production and sales forecasts for 2020 by 7% as the
COVID-19 pandemic continues to ravage demand. - more
US Steel to cut capacity at Mon Valley, possibly elsewhere: sources -
US Steel is set to cut additional blast furnace capacity at its Mon
Valley location outside of Pittsburgh amid depressed demand conditions,
according to multiple market sources. - more
Nickel closed Thursday's trading
session at $5.53/lb ($12,190/tonne). Indicators at 7:00 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today just under the 230,700 tonne level. Another
week and in the stainless steel and nickel industry the talk has once
again, been pandemic centric. For some, or many, it is hard to make long term
plans when a silent enemy has taken charge of the present, and
threatens to control the future. Some are merely in survival mode, with
expectations for the future on hold. There are attempts to kick start
the economy in some areas and it remains to be seen if a frightened
public will play their more important part in the equation. We suspect
it will take a very, very long time for public confidence to return to
pre covid-19 levels. We have all seen good times before and for those
old enough to remember, 2008 was a rough year for the world as well.
That one was easier to fix, but no less painful financially for many.
While not trying to minimize what we are experiencing today, it is
stated to show our lives are sometimes controlled by cyclically up's
and down's, and what is down today, will rise again. So hang in there.
In the mean time, it's the weekend. If you can, and it's allowed where
you live, get outside and get some sunshine this weekend. As long as
you stay away from others, and wear a mask, you'll be fine. We hope to
see you again next week, and in the mean time, stay safe and have a
great weekend!
Average price of LME traded cash nickel
so far this month
- $5.27/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper eases on worries about recession, virus drug trials - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: Covid-19 was in US earlier than first thought. Here’s why that’s important to know - more
Thursday's market review - Copper follows oil higher,
demand outlook shaky - Copper prices rose on Thursday alongside
oil, but analysts said the gains are unlikely to be sustained as poor
demand prospects are likely to be reinforced by data showing further
economic deterioration due to the coronavirus pandemic. - more
Cobalt price, nickel usage limit damage to EV Metal Index - 2020 was
supposed to be the breakout year for electric vehicles around the
globe. - more
Taiwan's stainless steel exports to Italy plummets in Q1-Q3 - Italy,
which has ranked first of Taiwan's stainless steel exporter for three
consecutive years, reduced its import volume by more than half year on
year in the first quarter. - more
China steel inventories extend fall fuelled by construction demand,
nonferrous stocks ease - Steel stockpiles in China fell for a sixth
straight week helped by accelerating demand in construction sector, but
were still hovering near a five-year high as mills ramped up production
after slowing output during the height of the coronavirus outbreak. - more
World Bank slashes outlook for oil, metals as coronavirus crushes
demand - The World Bank slashed its outlook for oil and metals prices
on Thursday due to the economic fallout of the coronavirus pandemic and
said the commodity market shock could hit developing countries
hardest. - more
Grainger Q1 Sales Accelerate Amid Pandemic - While
many large distributors were hurt by the impacts of COVID-19 in Q1,
Grainger's US segment outgrew the MRO market by 700 basis points. - more
Nickel closed Wednesday's trading
session at $5.42/lb ($11,950/tonne). Indicators at 6:15 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell by
one lot on Wednesday and started the day just under the 230,400 tonne
level for a second day. The commodity board is mostly green this
morning, as an increase in oil prices infuses some risk confidence in
traders. Nickel, which had closed under the $12,000/tonne level for the
first time this week yesterday, has climbed back above this morning.
With nickel apparently trading on oil speculation this week, it tends
to tell us that the market is looking elsewhere for trading triggers,
with the stainless steel industry very quiet. There is a report posted
below that European steel orders are down 75%, with March steel
production figures showing a YOY 6% decrease. IHS Markit PMI forecasts
were released overnight for Europe, and dismal would be a little too
positive to describe them. "The IHS Markit Eurozone Manufacturing PMI
fell to 33.6 in April of 2020 from 44.5 in March." Any number below 50
means an economy is in deterioration. These are initial numbers and
will be finalized late next week, when US numbers will be released. Stay safe.
Average price of LME traded cash nickel
so far this month
- $5.26/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper follows oil higher, demand outlook shaky - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
For
those buying into the China should have acted quicker accusations - it
was determined yesterday - nearly 10 weeks 'after' the fact - that the
US first fatality took place 3 weeks earlier than thought - First known
U.S. coronavirus death occurred on Feb. 6 in Santa Clara County - more
If memory serves us correctly, after determining it was a newly
identified 'Legionnaires Disease' that killed convention attendees back
in the 70's/80's, further research determined attendees at a
convention two years prior had been sickened by the virus as well. The point? "He
who is without sin, cast the first stone." Let the scientists determine
what happened in China, the errors everyone made in this process, and how to do
better the next time. Let the medical scientists find the drugs that
actually won't kill you, and might cure you. Politicians, especially
those who have no clue, need to shut up, stop deflecting responsibility by playing the blame game, and clean their own
house.
Coronavirus study points to vast number of cases under the radar in China - more
Wednesday's market review - Copper firms as supply fears,
China demand support prices - Copper prices firmed on Wednesday as
major miners warned that the coronavirus crisis would cut output and
financial markets stabilised after two days of chaos caused by oil
price falls. - more
Merafe Resources - Shareholders of the Company are advised that the
European benchmark ferrochrome price has been settled at 114 US cents
per pound for the second quarter of 2020, an increase of 12.9% from the
101 US cents per pound price in the first quarter of 2020. - source
Indonesia issues rules putting floor price on nickel ore - Indonesia’s
Energy and Mineral Resources Ministry has revised regulations on the
pricing of minerals, including putting a floor price on nickel ore,
Bambang Gatot Ariyono, director general of coal and minerals, said on
Thursday. - more
EU steelmakers face 75% order slump, crisis could halve output:
association - European Union steel production has already been cut by
50% as a result of the current coronavirus crisis with further losses
expected as mills' new order bookings are down by as much as 75%,
European steelmakers' association Eurofer told S&P Global Platts on
Wednesday. - more
March 2020 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 147.1 million tonnes (Mt) in March 2020, a 6.0% decrease compared
to March 2019. - more
WBMS Press Release April 2020 - (excerpt) The nickel market was in
surplus during January to February 2020 with production exceeding
apparent demand by 20.1 kt. In the whole of 2019, the calculated
deficit was 17.9 kt. Reported stocks held in the LME at the end of
February 2020 were 82.1 kt higher than at the end of the previous year.
Refined production in January to February 2020 totalled 366.2 kt and
demand was 346.1 kt. - more
PolyMet remains determined to build Minnesota mine - TSX- and NYSE
American-listed Polymet remains “determined and confident” that it will
advance its copper/nickel mine on the Iron Range, Minnesota, and this
week turned to the Supreme Court to view a lower court ruling on the
company’s air permit. - more
Extracting battery metals from seafloor may beat traditional mining -
study - Mining battery metals from the ocean floor could potentially
eliminate or dramatically reduce most of the environmental and social
impacts associated with the extraction of riches from the Earth’s
surface, a new study claims. - more
Distributor Pandemic Sales Index Improves for Week of April 13, But
Skepticism Abounds - Indian River Consulting Group’s (IRCG) distributor
Pandemic Revenue Index (PRI) showed considerable improvement from a
week prior, though the firm is skeptical about any correlation to
improving business conditions amid the ongoing COVID-19 pandemic. - more
Nickel closed Tuesday's trading
session at $5.55/lb ($12,225/tonne). Indicators at 6:15 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Tuesday and started today just under the 230,400 tonne level. What had
turned bullish last Friday, has returned bearish. Nickel is trading
back below the $12,000/tonne level, having closed below that level the
last three sessions. The commodity board on the whole, looks much
different than yesterday, with a lot more green showing. Base metals
are also mostly trading higher, except lonely nickel. Reuters is
quoting Nornickel as estimating a 120,000 tonne nickel surplus this
year, which is probably not brightening traders days. LME stockpile
numbers rose sharply in January and February, then fell slightly in
March, but so far this month, have returned to growth, evidence of
Nornickel's prediction. It's hump day and it appears the bear may have
put the lasso on the bull again. We are seeing reports that China and
Taiwan are trying to raise stainless steel prices, but with little
support from nickel, or demand, we doubt they will hold (if the reports
are true). It's hump day, and we start the day with predictions from
the United Nations that parts of the world will see biblical style
famines due to the coronavirus. And with that cheerful thought, we wish
you a safe and profitable day.
Average price of LME traded cash nickel
so far this month
- $5.24/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Base metals attempt a rally after oil slump deters risk - more
Worldsteel Life Cycle Inventory Study 2019 - pdf here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: the Wuhan lab conspiracy theory that will not go away - more
Coronavirus pandemic will cause global famines of 'biblical proportions,' UN warns - more
Tuesday's market review - Industrial metals sink as oil
market turmoil rattles investors - Industrial metals prices fell on
Tuesday, with copper down more than 2% as a collapse in oil prices
rattled investors, pushing global stock markets lower and the dollar
higher. - more
Russia's Nornickel sees downside risk to 2020 sales volumes - Sees
global nickel market surplus at 149,000 tonnes in 2020 - more
London Metal Exchange will reopen ring trade: CEO - The London
Metal Exchange will be returning to open outcry trade once it is
possible to do so, and the recent move to 100% electronic trading is
only temporary, LME CEO Matthew Chamberlain told S&P Global Platts
on Tuesday. - more
Nunavik’s Raglan mine reopens despite outrage from Makivik Corp. -
Nunavik’s Raglan nickel mine is reopening, following its closure on
March 24 due to Quebec’s COVID-19 business shutdowns. - more
Companies Find Getting Back to Work Easier Said than Done - As
officials tussle over when and how to “reopen” the US economy, some
corporations are taking the first steps toward bringing their employees
back to work. - more
PolyMet asks Minnesota Supreme Court to review air permit ruling -
PolyMet leaders are calling on the state's highest court to review a
lower court's ruling surrounding a permit necessary for the company to
move ahead with its plans for a copper nickel mine on the Iron Range. -
more
Courtesy AISI - In the week ending on April 18, 2020, domestic raw
steel production was 1,277,000 net tons while the capability
utilization rate was 57.0 percent. Production was 1,892,000 net tons in
the week ending April 18, 2019 while the capability utilization then
was 81.3 percent. The current week production represents a 32.5 percent
decrease from the same period in the previous year. Production for the
week ending April 18, 2020 is up 1.7 percent from the previous week
ending April 11, 2020 when production was 1,256,000 net tons and the
rate of capability utilization was 56.1 percent. - more
Nickel closed Monday's trading
session at $5.68/lb ($12,520/tonne). Indicators at 6:15 am CST today show
nickel trading around $.12/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Monday and started today just over the 230,000 tonne level. Reported
stockpile numbers are above where we started the month and cancelled
warrants have stayed in the 23% range all month. After following
Shanghai trading higher yesterday, LME traders have broke with their no
action overnight and are heading lower this morning. Market media
outlets don't really seem to be trying to give a reason today, and
since the commodity boards are a near sea of red this morning, we
suspect it has something to do with oil trading in negative territory
yesterday. If the life blood of the worldwide economy can trade below
zero, what does that tell us about said worldwide economy? Sometime
this morning, the world saw its 2,500,000th confirmed victim to
covid-19, with the US going over the 800,000 number later today. Three
months ago today, a 35 year old male became the first confirmed case of
covid-19 in the United States (in Snohomish County, Washington). Three
months and 42,000+ dead later, we have over 1/3 of our fellow Americans
who feel the country isn't reopening fast enough. That 35 year old who
had traveled to Wuhan, China - he recovered after two weeks in the
hospital. Stay safe out there and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.22/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Zinc prices fall on oversupply concerns as coronavirus dents demand - more
NAB China’s economy at a glance – April 2020 - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus attacks lining of blood vessels all over the body, Swiss study finds - more
Monday's market review - Nickel prices jump after Vale
trims output target - Nickel prices jumped to their highest in more
than a month on Monday after mining company Vale slashed its annual
output target for the stainless steel ingredient due to the impact of
the coronavirus pandemic. - more
Global molybdenum production rises while usage falls in 2019 - Global
production of molybdenum rose by to 575.4 million pounds in 2019, up 1%
from 571.5 million pounds in 2018, according to figures released today
by the International Molybdenum Association (IMOA), a non-profit trade
association representing the interests of the world's molybdenum
producers, converters, consumers and traders. - more
Analysis: China's steel market unlikely to fully recover from virus
impact until H2 - China's domestic steel market will continue to face
downward pressure in the second quarter due to high steel production,
soaring steel inventories, depressed exports and lackluster demand in
the manufacturing sector. - more
The muddied waters of mining in Papua New Guinea - Just north of
Australia, the island split into Papua and Papua New Guinea is famously
underexplored, though over the years inroads have been made and
tantalising glimmers of hidden mineral wealth have been quickly
followed by some of the world’s biggest miners. - more
Nickel closed Friday's trading
session at $5.47/lb ($12,055/tonne). Indicators at 6:00 am CST today show
nickel trading around $.14/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell on
Friday and started the week just under the 230,200 tonne level. Having
successfully broke free last week, of the channel it had been trading
in for some time, technicals turned bullish on Friday and even with a
stronger Dollar overhanging traders, LME nickel is trading higher
today. Considering the timing of most of today's gain in price coming
in overnight trading, we suspect this is more of a reaction to the jump
in Shanghai nickel than anything else. We suspect traders would be wise
to pay attention to what is happening to oil demand - and the crash in
prices there - before turning too bullish, too quickly. This cursed
virus isn't going anywhere anytime soon, and just because some
politician says its time to reopen, does not magically make the threat
disappear. We had a local business close after one employee showed up
to work sick and later tested positive. Everyone else in the business
was quarantined after 13 of them began to show symptoms. Is that the
future? And how will you determine an employee or customer walking thru
your front door is not sick? Test results are pending. We also see the
biggest risk to the economic recovery being a return of consumer
confidence. How quickly will Americans become confident enough to risk
eating out, going to a movie, visiting a sporting event, etc? If people
aren't spending money, then the economy can not recover. Without money
too spend, the economy can not recover. It is a cycle that does not
appear to be promising at the moment, and that is why so many
economists are forecasting doom and gloom ahead. We can only hope that
someone gets a vaccine approved sooner than later. Never looked forward
to getting a shot before, but am personally way beyond tired of having
no life beyond the back yard. Another week is upon us. Those goals you
set at the beginning of the year are probably history by now, and many
of you have shifted from growth mode to survival mode. Hang in there -
good times will return. Like the vaccine, hopefully sooner than later.
Stay safe and have a great week.
Average price of LME traded cash nickel
so far this month
- $5.19/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai nickel jumps over 4% as Vale cuts output forecast - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Can a face mask protect me from coronavirus? Covid-19 myths busted - more
Yesterday's market review - Copper logs biggest weekly
gain since Feb 2019 on signs of China recovery - Copper rose to a
one-month high on Friday on plans for the U.S. economy to re-open and
signs of recovery in China’s industrial output, even as growth in the
top metals consumer contracted in the first quarter. - more
Brazil's Vale slashes 2020 production forecast for iron, copper, nickel
- Brazilian miner Vale SA on Friday cut its forecast for production of
iron ore fines and pellets, copper and nickel in 2020, saying in a
securities filing that the new coronavirus outbreak was delaying some
facilities from reopening. - more
Molybdenum ore spill is China's biggest tailings leak in nearly 20
years - A spillage of waste molybdenum ore in northeast China last
month was the biggest tailings leak the country witnessed in almost 20
years and needed the toughest environmental emergency response, the
environment ministry said on Monday. - more
Steel demand to shrink 7.7% this year: Indian Steel Association - "We
estimate finished steel demand in India to fall in calendar year 2020
to around 93.7 million tonne from an estimated actual of 101.5 million
tonne in 2019, a decline of 7.7% or roughly by about 8 million tonne
this calendar year," ISA said. - more
The Study of Corrosion Behavior and Hardness of AISI Stainless Steel304
in Concentration of Chloride Acid Solution and Temperature Variations - pdf here
Outokumpu appoints Heikki Malinen as President and CEO - Outokumpu’s
Board of Directors has appointed Heikki Malinen as President and CEO of
Outokumpu and the Chairman of the Leadership Team. - more
Mining projects to slow further in Q2 2020 - The share of global mining
projects that advanced to the next stage of development has decreased
from 3.8% in Q4 2019 to 2.8% in Q1 2020, and is expected to slow
further in Q2 2020 due to the coronavirus outbreak, according to a new
report by energy research company global data. - more
Sales: Same Game, New Rules - While sudden, massive disruption doesn't
throw out all the rules of selling, it does remove or change at least a
handful. - more
Metalforming Group Sees Unprecedented Decline - more
Nickel closed Thursday's trading
session at $5.34/lb ($11,765/tonne). Indicators at 6:50 am CST today show
nickel trading around $.10/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose on
Thursday and started today just over the 230,300 tonne level. Except
for lead, all London traded base metals are higher this morning, as
traders gamble the world reopening their economies sooner than later,
will pay off. And since you may be hearing a lot in the next few days
about a drug called Remdesivir, if it turns out to have merit, stocks
could continue to jump. Another 5+ million Americans filed for
unemployment last week. More Americans have filed for unemployment in
the last month than live in the state of Florida, the 3rd most populous
state in the Union. The curve peak is holding but 30,000 more Americans
are still getting sick every day and over 2000 are dieing. We are not
out of the woods yet. Stay safe and have a restful weekend.
Average price of LME traded cash nickel
so far this month
- $5.17/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - LME copper set for best week since Feb 2019 on U.S. plans to reopen economy - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
How Widespread Is the Impact of the COVID-19 Outbreak on Consumer Expectations? - more
Searching for answers in Wuhan’s coronavirus aftermath: people at epicentre of China’s crisis want explanations - more
Thursday's market review - Copper gains on China data but
recession concerns cloud outlook - Copper prices firmed on Thursday as
data from China pointed to signs of gradual recovery from the novel
coronavirus, but gains were capped by concerns about global growth and
falling metals demand. - more
Nickel prices get a boost from pandemic-driven ore supply tightness -
Dwindling nickel ore supply from the Philippines amid measures to
contain the new coronavirus has boosted nickel prices in China despite
weak demand from the stainless steel sector. - more
China’s stainless steel hits over seventh session high - Stainless
steel futures in China extended gains into a seventh session on
Wednesday as restocking demand from traders rose, while raw material
supply disruptions due to suspension at Philippines' nickel mines also
supported prices. - more
Stainless steel outlook: Markets in disarray compound weak New Year -
The COVID-19 pandemic is heavily impacting all nickel and stainless
steel supply chains -when they were already facing weaker prospects. - more
Global molybdenum production rises while usage falls in 2019 - Global
production of molybdenum rose by 1% in 2019 to 575.4 million pounds
from 571.5 million pounds in 2018, figures released today by the
International Molybdenum Association (IMOA) show. - more
Taiwan’s YUSCO optimistic about stainless steel future prices -
According to the announcement from Yieh United Steel Corp. (YUSCO), the
largest integrated stainless steelmaker in Taiwan, the strong nickel
prices might push the stainless steel prices to hike sharply next
month. - more
See Which Industrial Supply Execs. Were Named to Trump’s Economic
Revival Groups - On Tuesday, a White House press release said that
President Donald Trump announced the various executives, economics,
scholars and industry leaders who together will form what is called the
Great American Economic Revival Industry Groups. - more
Distrib. Pandemic Revenue Index Down 29% for Week of April 6 - more
Nickel closed Wednesday's trading
session at $5.34/lb ($11,765/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses rose on
Wednesday and for the first time since the end of February, they rose
by over 1000 tonnes. We opened this morning with just under the 230,100
tonne level in stock. Thursday's can be quiet and this one is no
different. Nickel continues to slip but remains above the channel it
was stuck in. Last week. we here in the US, were seeing an average of
2,000 of our fellow Americans die each day from covid-19. This week,
that number has spiked to 2,500 a day. New cases in the US appear to
have peaked between April 4th and 10th, and until yesterday, was
averaging below the 30,000 level. Hopefully yesterday's 30,000+ was a
blip, although it serves as a reminder that while it is fine to figure
out how best and safest to reopen the economy now, the time to do so
has yet to arrive. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.16/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminium hits near 4-week high as China inventories dip - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Federal Reserve - The COVID-19 Pandemic and the Fed’s Response - more
Highly pathogenic avian flu in SC turkey flock is no threat to human health - more
Wednesday's market review - Copper falls as recession fear
grips markets - Copper fell on Wednesday as moves by China’s central
bank to bolster the economy were overshadowed by predictions of a deep
global recession, which drove down stock markets and oil prices. - more
COVID-19 Impacts To Metals Prices: Volatility Is Here To Stay - Part 1
- While we expect that prices for the metals covered here will rebound
in the second half of the year, we have significantly reduced our price
forecasts since early March to reflect the considerably more severe
impact of the COVID-19 pandemic than previously anticipated. - more
U.S. Forest Service denies Minnesota request for unreleased research on
copper mining impacts - The Minnesota DNR hasn't determined how to
respond or what it means for Twin Metals. - more
Secret agent' couple charged over Department of Mines tender corruption
scandal - A WA public servant and her partner have been charged with
corruption and disclosing government secrets following allegations the
pair rigged a tender process to win contracts. - more
Industrial Production Posts Biggest Drop Since 1946 - American industry
collapsed in March as the pandemic wreaked havoc on the U.S. economy.
Manufacturing and overall industrial production posted the biggest
declines since the United States demobilized after World War II. - more
Nickel closed Tuesday's trading
session at $5.39/lb ($11,885/tonne). Indicators at 6:20 am CST today show
nickel trading around $.03/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started today just under the 229,000 tonne level. Nickel
continued to climb away from the channel it had traded in and today's
slight setback has not put it back in the same. Multiple possibilities
for why the market is down today. Global stocks are down on IMF
forecasts that the covid-19 crisis will put the world in a recession as
bad as we have seen since the 1930's depression. Be careful IMF - the
U.S. President just pulled funding from the WHO because they put out
news he didn't like, so walk softly. Apparently we want all the profits
from world globalization, but none of the risk. One of the reactions to
the IMF prediction is a stronger US Dollar, which always adds negative
pressure to base metals trading. The talk remains on how to reopen the
economy, with the President claiming he has 'absolute authority', and
many governors ignoring him and working together on their own plans.
Hopefully, no one is kidding themselves. Until we have a vaccine and
worldwide immunization program in place, forecast to be next year at
the earliest, our daily lives can not be the same as pre-covid-19 days.
And if the IMF forecasts prove to be correct, that will be an
understatement. We will see. Many of the covid-19 forecasts have proven
to be too extreme - let;s hope the IMF is incorrect as well. Stay safe
and have a great day!
Average price of LME traded cash nickel
so far this month
- $5.14/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper edges up as China cuts borrowing costs - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
China’s initial coronavirus outbreak in Wuhan spread twice as fast as we thought, new study suggests - more
Global reaction to Trump withdrawing WHO funding - more
US
distributor Fastenal reported yesterday "... March sales of our
fastener products declined 10.1 percent on a daily basis as industrial
activity slowed, while our safety business grew 31.0 percent on a daily
basis as we were able to source and deliver critical personal
protective equipment supplies to the marketplace. In addition, while
our manufacturing and non-residential construction end markets were
down 1.1 percent and 7.8 percent on a daily basis, respectively, our
government business was up 31.1 percent on a daily basis with sales to
health care organizations more than doubling."
Their first 2020 quarterly report, issued yesterday as well,
stated.. "Individually, sales of our fastener products declined
2.6% on a daily basis over the first quarter of 2019, representing
32.9% of sales in the first quarter of 2020. Sales of safety products
grew 18.4% on a daily basis over the first quarter of 2019,
representing 19.8% of sales in the first quarter of 2020. Sales of our
remaining products grew 1.6% on a daily basis over the first quarter of
2019, representing 47.3% of sales in the first quarter of 2020." They
added "In March, this customer mix remained a factor but the widening
growth differential between higher-margin fastener sales and
lower-margin safety sales produced a greater product mix impact and
increased the overall effect of mix on our gross profit percentage."
The effect of the covid-19 arrival became very apparent in March, and
should make an even more noticeable effect in the next quarters
results.
Tuesday's market review - Copper propelled to 4-week high
by disrupted supply, demand hopes - Copper prices hit a four-week high
on Tuesday, boosted by coronavirus-linked supply disruptions and
expectations of stronger demand, although gains were capped by caution over the pace of an economic recovery. - more
COLUMN - How low can we go? Analysts slash base metals forecasts: Andy
Home - Three months can be a very long time in markets, the last three
months particularly. - more
Covid-19: Panoramic suspends Savannah nickel mine operations -
Australian development and exploration firm Panoramic Resources has
temporarily suspended the operations of Savannah nickel mine in Western
Australia due to the ongoing impact of the coronavirus Covid-19
pandemic. - more
IMF: Economy to Suffer Worst Year Since Great Depression - Beaten down
by the coronavirus outbreak, the world economy in 2020 will suffer its
worst year since the Great Depression of the 1930s, the International
Monetary Fund says in its latest forecast. - more
OSHA recommends face shield and homemade mask for workers—as a last resort - more
Courtesy AISI - In the week ending on April 11, 2020, domestic raw
steel production was 1,256,000 net tons while the capability
utilization rate was 56.1 percent. Production was 1,892,000 net tons in
the week ending April 11, 2019 while the capability utilization then
was 81.3 percent. The current week production represents a 33.6 percent
decrease from the same period in the previous year. Production for the
week ending April 11, 2020 is down 18.1 percent from the previous week
ending April 4, 2020 when production was 1,534,000 net tons and the
rate of capability utilization was 68.5 percent. - more
Norilsk Nickel donates $143mn to fight coronavirus, steps up its social
care of workforce in Russia’s remote Far North - Russia’s biggest metal
and mining company Norilsk Nickel, owned by tycoon Vladimir Potanin,
has donated RUB10.5bn ($143mn) towards the fight against the spread of
coronavirus (COVID-19) virus and to protect the health of its workers.
- more
Nickel closed Thursday's trading
session at $5.29/lb ($11,670/tonne). Indicators at 6:20 am CST today show
nickel trading around $.07/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
ever so slightly on Thursday and start this week just over the 229,000
tonne level. Nickel finally punched its way out of a tight channel it
had traded in for weeks on Thursday and so far today, it appears the
bull remains on the loose. Considering nickel is trading a little
over $1/lb lower than it was on January 1st, it has a lot of 'loose' to
recapture. World markets are trading on hopeful signs out there that
the virus spread is stabilizing. While 30,000 new patients a day is
still rather disheartening (in the U.S.), the fact that we are seeing some stability
in that number over the past week, means the so called peak may have
been met, and we must see a peak, before we can experience a downturn.
This is nationwide because there still are hot spots in the US where
new cases are still rising. Attention has shifted back to reopening the
economy and this has traders in a good mood. The President has
proclaimed he has the sole power to order people back to work, although
he refused to order them out of work, leaving that responsibility to
the state governors. We suspect the economy will slowly reopen, with
hot spots taking longer to open, and new hot spots breaking out, and
forcing some areas to re close temporarily. Until a vaccine is
developed and approved, we remain hostages to this invisible enemy. In
the mean time, many of our daily readers are hurting. Business has and
is slowing for those lucky enough to remain working. We live in a new
world of firsts .... and worsts. But gradually, as we journey thru
life, we will exit the messy period, and this will all be a bad memory
in our rear view mirror. It is up to each of us to find the good in the
bad, and if we can't find it .... to make it. Have a great week and
stay safe.
Average price of LME traded cash nickel
so far this month
- $5.12/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper hits four-week high as mines halt operations to contain virus - more
Producer Price Index ... for ... Stainless and Other Alloy Steel Scrap - chart here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Deadly coronavirus comes in three variants, researchers find - more
White House Slams Voice of America; VOA Fights Back - more How US media dish out their own propaganda on China and Covid-19 - more
Will best practices for COVID-19 shop safety work when fabricators come back? - more
Thursday's market review - Copper set for biggest weekly
rise in 14 months as risk appetite improves - Copper prices were
set for their biggest weekly gain in more than a year after signs that
the spread of the coronavirus may be slowing lifted risk assets.
- more
European stainless steel prices running stably - It was understood that
due to the lower nickel prices in the past week and the resumption of
production at Italian steel mills, European stainless steel prices were
basically stable. - more
April 2020 SRO postponement and other updates - In light of the
unprecedented disruptions of the COVID-19 pandemic, worldsteel has
taken the decision not to publish its April Short Range Outlook (SRO)
for steel demand this month. - more
Trump executive order calls for commercializing the solar system,
mining the moon - Neil Armstrong captivated the world when he took "one
giant leap" onto the moon's dusty surface in 1969. - more
Manufacturing supply chains, jobs reports show obvious downturn amid
COVID-19 crisis - Industry economists anticipate April manufacturing
numbers to be even more distressing - more
Nickel closed Wednesday's trading
session at $5.22/lb ($11,510/tonne). Indicators at 6:10 am CST today show
nickel trading around $.01/lb
lower. Stockpiles of nickel stored in LME licensed warehouses remain
unchanged for the fourth time this month, and started the day just
under the 229,100 tonne level. Nickel is trying hard to break out of
the channel it has traded in since mid March. It broke above for a
short period yesterday, and has made multiple attempts today, but so
far, all attempts have been unable to stick. The bulls want to run, but
so far the barbed wire is holding. The news media, always in search for
an explanation, are crediting the closure of the Philippine nickel
mines for boosting the markets this morning ..... and then the trading
price retreated. The on again, off again, mine closures do add a huge
question mark to nickel ore supplies to the world's largest consumer,
China, but until they have been closed for more than a few days at a
time, the question mark is more of skepticism, rather than concern. If
one were to look at LME stockpile movements to gauge the supply/demand
needs of the world, we are down around 800 tonnes over 7 sessions, and
four of those sessions have recorded no change - something we don't
remember ever seeing before this pandemic. So we continue to sail in
uncharted waters. How else can one see our country experience a second
day with over 30,000 'more' Americans get sick and nearly 2,000 'more'
die..... and we see it as hopeful news? Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.11/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Nickel climbs to highest in nearly 3 weeks on Philippine supply disruption - more
Scotiabank Metals Strategy: Precious Monthly & Update - pdf here
US Economic Indicators:Durable Goods Orders& Shipments - pdf here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Three in Four in U.S. Have Self-Isolated in Their Household - more
Wednesday's market review - Coronavirus-wrecked demand
pushes aluminium to 4-year low - Aluminium prices slipped to their
lowest level in more than four years on Wednesday as falling demand due
to the new coronavirus and expectations of a large surplus this year
were reinforced by rising stocks. - more
Chinese molybdenum miner halts production after tailings spill - Yichun
Luming Mining Co Ltd, the owner of a tailings dam in northeast China
that leaked last month, contaminating the local river system, has been
ordered to suspend molybdenum production, according to a report on a
provincial government website. - more(this story seems to be snowballing)
China Railway's molybdenum unit suspended for tailings dam leakage - more
Vale extends Voisey's Bay shutdown by as much as three months - Vale
announced Wednesday it will extend the care and maintenance period at
the Voisey’s Bay copper mine by up to three months as it continues to
monitor the impact of COVID-19. - more
Philippines' top nickel miners halt operations to contain coronavirus -
The Philippines’ top nickel ore producers, Nickel Asia Corp and Global
Ferronickel Holdings Inc, are suspending mining and export operations
in a southern province to comply with coronavirus-containment
measures. - more
SLN staff moved after New Caledonia raid - New Caledonia's SLN nickel
company says it has transferred some employees and their families to
Noumea after a night-time break-in at staff quarters. - more
Commission Implementing Regulation (EU) 2020/508 of 7 April 2020
imposing a provisional anti-dumping duty on imports of certain
hot rolled stainless steel sheets and coils originating in Indonesia,
the People’s Republic of China and Taiwan - pdf here
Distributors and a Pandemic: What it Means to Move During a Crisis - To
gain more control in this volatile and unpredictable market,
distributors need to mobilize, observe, validate and enable – or MOVE.
Here’s how. - more
Nickel closed Tuesday's trading
session at $5.20/lb ($11,470/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses rose for
the first time this month, and we started the day just under 229,100
tonnes level. It took eleven weeks but Wuhan, China officially lifted
their lockdown overnight and returns to their 'new' normal. Wuhan is
important to the pandemic for many reasons, but primarily it is
believed to be the spot where this virus originated, and also the first
region to be put on quarantine. Wuhan was and is the test case on how
to beat the bug. Based on this timetable, we might see some sort of
return to life here in the States by early June, although with far
less stringent quarantine measures in place, that remains
questionable. The US case level rose by 33,331 yesterday, a new high,
but only slightly higher than the prior record, so the curve continues
to level off. 400,000 Americans have been diagnosed positive so far.
The fatality rate continues to explode, and rose by nearly 2,000
Americans yesterday. Nickel prices continue to go absolutely no where
fast, and the industry news we found is below. It's hump day and for
those of you deemed essential, we thank you for being out and about.
Everyone be safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.09/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper eases as pandemic hits demand, supply worries cap losses - more
ATI SRP & SSSP April Surcharge Announcement - pdf here
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: why do 'recovered' patients test positive again? - more(old news in China, let's not re-learn this) Watch full NBC News Special Report: Coronavirus Pandemic - more
Tuesday's market review - Copper rallies to near 3-week
high on hopes of slowing pandemic - Copper prices surged to their
highest in nearly three weeks on Tuesday on some signs that the
coronavirus pandemic may be slowing and on hopes that heavy bouts of
stimulus will repair economic damage. - more
In uncertain times, global metals exchange volumes surge: Andy Home -
The spread of the deadly coronavirus has upended industrial metal
markets, with many plunging to multi-year lows and volatility spiking
across the board. - more
DeepGreen to make run for battery metals from seafloor - DeepGreen
Metals, a Canadian start-up planning to extract cobalt and other
battery metals from the seafloor, has added a new area to its seabed
portfolio, which it believes could potentially help it solve the
bottleneck supply of critical battery metals needed for the world’s
green energy transition. - more
Philippines' No. 2 nickel ore exporter halts mining operations amid
coronavirus concerns - Global Ferronickel Holdings Inc, the
Philippines' second-biggest nickel ore producer and exporter, said on
Wednesday it has decided to suspend mining operations to allay growing
concerns over the spread of the coronavirus. - more
The owner of this smelly skyline on the Arctic tundra is now Russia's
richest - Vladimir Potanin has built much of his fortune by polluting
the Arctic. In 1995, he acquired a stake in Norilsk Nickel during the
privatization of Russian state-owned enterprises. - more
Possible Toxic Crisis Looms in Russian Far East Because of Industrial Disaster Inside China - more
‘Them plants are killing us’: inside a cross-border battle against
cancer in Ontario’s rust belt - Two communities — one in Canada, one in
the U.S. — share both a border along the St. Marys River and a toxic
legacy that has contributed to high rates of cancer. - more
SLN quarters broken into in New Caledonia - Reports from New Caledonia
say a group of men broke into the staff quarters of the SLN nickel
company in Kouaoua, setting a house on fire and burning a vehicle. - more
Distrib. Pandemic Index: Sales Down 14% for Week of March 30 - The
latest reading was technically a one-week improvement, but commentary
indicates that is due to large back-orders in shipping. - more
Nickel closed Monday's trading
session at $5.13/lb ($11,305/tonne). Indicators at 6:15 am CST today show
nickel trading around $.05/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged again, of the third time in the last four sessions, and
started the day just over the 228,600 tonne level again. Commodities
are trading mostly higher this morning, and most analysts are crediting
less doom and gloom news as a factor. Today, we will see the world pass
the 1,000,000 actively sick level, having passed the million 'case'
level last week. Of that number, nearly 370,000 cases are classified
'closed', of which 1 in 5 have died, the rest recovered. The good
news, at least to traders, is the United States rate if infection,
country wide, seems to have stalled around 30,000 new cases per day.
This means little to those who are sick, but the all important curve
must reach a plateau before it can even begin to fall. The death rate,
however, continues to climb in the US, although there are little hints
of hope it may be stalling in some of the harder hit European
countries. We recommend the video report below on NBC's Kate Snow
sharing every parents fear during this crisis. It's hard to see the
positive when we are experiencing so much death, but there it is.....
the best we have to offer. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- $5.08/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper near 3-week high on signs of slowing coronavirus death toll - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
NBC News’ Kate Snow opens up about caring for husband who has coronavirus symptoms - more
U.K. Prime Minister Boris Johnson in intensive care for coronavirus - more
Coronavirus Outbreak Sends Consumer Expectations Plummeting - more
Monday's market review - Copper firms on slowing
coronavirus infections, inventory drop - Copper rose on Monday,
supported by a slowdown in the death toll from coronavirus in some
European countries and falling inventories, though fears of recession
continued to weigh on prices. - more
Chromium: Mintal halves ferrochrome capacity for month of April -
Amongst ferrochrome closures in Inner Mongolia this week was Mintal,
announcing that the company will halt high-carbon ferrochrome
production at two of its 75,000kVA furnaces after the Qingming Festival
on 4 April. - more
Nickel Asia resumes mining operations amid Covid-19 - Mining firm
Nickel Asia Corp. (NAC) is set to resume its mining operations,
particularly its ore shipment activities after the provincial
government of Surigao del Norte amended a recent order that temporarily
suspended the operations of mining and mineral processing plants in the
province. - more
Nickel mining in Surigao del Norte, Philippines, remains suspended as the region recorded its first COVID-19 case - more
Courtesy AISI - In the week ending on April 4, 2020, domestic raw steel
production was 1,534,000 net tons while the capability utilization rate
was 68.5 percent. Production was 1,892,000 net tons in the week ending
April 4, 2019 while the capability utilization then was 81.3 percent.
The current week production represents a 18.9 percent decrease from the
same period in the previous year. Production for the week ending April
4, 2020 is down 8.1 percent from the previous week ending March 28,
2020 when production was 1,670,000 net tons and the rate of capability
utilization was 71.6 percent. - more
Steps Distributors Should Take Now to Emerge Stronger When Recovery Arrives - Robert
Kravitz examines what distributors and other B2B organizations should
be doing to retain jobs, maintain operations and hold on to customers.
- more
B2B Sales: Are You Creating Enough Personal Value? - more
Manufacturing supply chains, jobs reports show obvious downturn amid COVID-19 crisis - more
Nickel closed Friday's trading
session at $5.09/lb ($11,225/tonne). Indicators at 6:15 am CST today show
nickel trading around $.01/lb
higher. Stockpiles of nickel stored in LME licensed warehouses fell
slightly on Friday and started this week just over the 228,600 tonne
level. Nickel continues to trade rangebound, as it has since mid March.
In industry news, one of the Philippine islands has resumed shipping
nickel ore. Norilsk is warning it may bot find buyers for all of its
nickel as demand continues to slump. And for American business', UPS
and FedEx are no longer guaranteeing deliveries, so next day air
shipments might not arrive as hoped. The US will jump over the 10,000
level today in number of recorded covid-19 deaths, and recorded twice
as many deaths as Italy or Spain yesterday. In total number of active
cases, the US will jump over the 350,000 case level today, equivalent
to Italy, Spain and Iran - all combined. We want to thank those of you
who are classified essential workers and do not have the luxury of
working from home. The stainless steel and nickel industry would
completely collapse without your daily efforts and we do thank you for
that. Stay safe and have a great week!
Average price of LME traded cash nickel
so far this month
- $5.08/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper rises on lower exchange stocks, potential output cut in Chile - more
US Exports of Stainless Steel Mill Products - more
Virus News and Numbers
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Kinsa U.S. health monitor - here
Covid-19 County Tracker - here
Covid-19 Projections by country/state - more
Coronavirus: young people more likely to retest positive after treatment, study says - more
Coronavirus can remain on face masks for up to a week, study finds - more
March 2020
At this time, face masks are NOT recommended to protect yourself from COVID-19. Here’s why from medical site:
Most face masks are not adequate protection against a respiratory virus. Most individuals do not know how to properly use a face mask in order to protect themselves from disease. Using a face mask will only give you a false sense of security and make it easy to forget other, more effective forms of disease prevention like social distancing and hand washing. April 2020 We mentioned before that two of three
reasons given until recently for telling Americans not to wear a mask,
implied the average American was not smart enough to use them. It now
appears that the first reason given is no longer valid as Americans are
being advised to voluntarily wear any type of face mask, homemade or
otherwise (just not medical), to help stop the spread of covid-19. All those Asian's
wearing face masks from day one appear a lot less ridiculous these days, now don't they?
If you are hearing the new justification that Americans are now being
recommended to wear masks because of the possibility of "asymptomatic
transmission", we share this from the World Health Organizations report
from Thursday. "An asymptomatic laboratory-confirmed case is a
person infected with COVID-19 who does not develop symptoms.
Asymptomatic transmission refers to transmission of the virus from a
person, who does not develop symptoms. There are few reports of
laboratory-confirmed cases who are truly asymptomatic, and to date,
there has been no documented asymptomatic transmission. This
does not exclude the possibility that it may occur. Asymptomatic cases
have been reported as part of contact tracing efforts in some
countries."
Friday's market review - Copper slips on fears about demand after
dire U.S. jobs data - Copper prices slipped and aluminium carved out a
four-year low on Friday on worries about an extended erosion in global
demand for metals due to the coronavirus pandemic after dire U.S.
employment data. - more
Nornickel may not sell all output if coronavirus crisis drags - report
- Russian nickel and palladium producer Norilsk Nickel (Nornickel) may
find it hard to sell all of its output, as it normally can, if the
coronavirus crisis persists, the company’s largest shareholder and
president told a daily newspaper. - more
Philippines' Nickel Asia to resume ore shipments as coronavirus mining
ban lifted - Nickel Asia Corp, the Philippines’ largest nickel ore
miner and exporter, said on Monday its two units in Surigao del Norte
province will resume ore shipments as the local government has allowed
mining operations to resume after a suspension to curb the potential
spread of the coronavirus. - more
FedEx, UPS Suspend Service Guarantees - The parcel logistics giants
outlined measures taken to accommodate delays and disruptions caused by
the COVID-19 pandemic. - more
Saxo Bank Q2 Outlook: Commodities look to fiscal bazooka for support -
The global economy is currently dealing with the biggest demand shock
since the global financial crisis, plus a global supply shock and an
oil price war which is driving a destruction of capital. - more
U.S. imports of Stainless steel wire decreased 28.77 percent from $41
million to $29.2 million through the first two months of 2020 when
compared to the same period the previous year, according to WorldCity
analysis of the latest U.S. Census Bureau data. - more
U.S. imports of Stainless steel, not less than
600mm wide decreased 12.74 percent from $111.07 million to $96.92
million through the first two months of 2020 when compared to the same
period the previous year, according to WorldCity analysis of the latest
U.S. Census Bureau data. - more
U.S. exports of Stainless steel wire decreased
13.22 percent from $23.11 million to $20.05 million through the first
two months of 2020 when compared to the same period the previous year,
according to WorldCity analysis of the latest U.S. Census Bureau data.
- more
U.S. exports of Stainless steel, not less than
600mm wide decreased 18.28 percent from $134.48 million to $109.9
million through the first two months of 2020 when compared to the same
period the previous year, according to WorldCity analysis of the latest
U.S. Census Bureau data. - more
U.S. imports of Misc. stainless steel bars,
rods decreased 25.89 percent from $88.4 million to $65.52 million
through the first two months of 2020 when compared to the same period
the previous year, according to WorldCity analysis of the latest U.S.
Census Bureau data. - more
U.S. exports of Misc. stainless steel bars,
rods increased 14.37 percent from $56.5 million to $64.62 million
through the first two months of 2020 when compared to the same period
the previous year, according to WorldCity analysis of the latest U.S.
Census Bureau data. - more
U.S. imports of Nickel increased 10.43 percent
from $193.27 million to $213.42 million through the first two months of
2020 when compared to the same period the previous year, according to
WorldCity analysis of the latest U.S. Census Bureau data. - more
U.S. exports of Nickel decreased 5.60 percent
from $40.94 million to $38.64 million through the first two months of
2020 when compared to the same period the previous year, according to
WorldCity analysis of the latest U.S. Census Bureau data. - more
European steel output, prices seen returning to 2009 levels as pandemic
hits - Europe's steel industry has been hard hit by the coronavirus
pandemic. - more
COVID-19 kills worker at First Quantum’s Cobre Panamá mine - Panama’s
Ministry of Health confirmed that one person died at the Cobre Panamá
operation due to complications caused by the novel coronavirus
infection. - more
Nickel closed Thursday's trading
session at $5.13/lb ($11,310/tonne). Indicators at 6:50 am CST today show
nickel trading around $.02/lb
lower. Stockpiles of nickel stored in LME licensed warehouses appear
top have gone unchanged for a second consecutive day, although we are
seeing at least one report of a decline of just over 400 tonnes. The
majority of the reports we monitor show no change, so we show totals
remain just under the 228,800 tonne. Nickel is trading quietly today,
and remains rangebound. Except for an unusual dip that took place on
Wednesday, where prices fell sharply to just below the $11,000 tonne
level, and almost immediately rebounded, prices have traded inside a
very narrow range for a few weeks now. News, which also bounced on
Wednesday, has dried up to end the week. It's been another brutal week
for many, and the new month has started in worse shape than the last.
It is hard to be optimistic about April, with experts and politicians
both promising it will be harder than March. The elephant in the room
is making no attempt to hide or be quiet, but considering that is all
we have talked about for much of the year, we are ending this week by
ignoring him. Stay safe by staying home, and relax. There are very few
occasions in life where doing nothing can save your life, so once
again, relax. At what time in your life have you been told that sitting
home in your underwear all day and drinking beer while watching tv
could ultimately save the world? Never! But today, my friend, you are a
hero for doing that very thing! So relax ... and save the freaking
planet!
Average price of LME traded cash nickel
so far this month
- $5.08/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - London copper on track for first weekly gain in six weeks - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
If you looked up your are last week when we posted this link, compare it to today - Kinsa map
Coronavirus: lockdowns must last six weeks to bring pandemic under control: researchers - more
Fox News host asks a doctor about the government’s coronavirus response
— some say his answer might have cost him a return appearance - more
The U.S. fatality rate from covid-19 continues to grow and at 2.4%, is nearly double that of Germany.
Thursday's market review - Aluminium prices pinned at
four-year low as supply glut balloons - Aluminum fell for a fourth
straight session on Thursday as China factory activity showed minimal
growth in March, adding to concerns about falling metals demand and a
ballooning supply glut as the coronavirus outbreak spreads further. - more
Pressure builds on China's raw materials supply chains: Andy Home -
China is ready to move on from the coronavirus and get back to business
as usual. - more
Nickel closed yesterday's trading
session at $5.11/lb ($11,255/tonne). Indicators at 6:15 am CST today show
nickel trading around $.02/lb
higher. Stockpiles of nickel stored in LME licensed warehouses went
unchanged on Wednesday and started the day just under the 228,800 tonne
level for a second day. We had lots of industry news yesterday, and
today, we have zip. Indonesia miners want their government to lift the
ban on exporting nickel ore, and depending how hard the world recession
hits that country, that option may be something they say no to now, but
consider later. Shanghai nickel dropped hard on the news, but LME
traders aren't buying in yet. Nickel continues to trade on the high
side of the channel it has traded in since the last third of March. We
are ignoring the elephant this morning, but we need to find a mouse, to
return the favor. Stay safe and have a great day.
Average price of LME traded cash nickel
so far this month
- 5.09/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Shanghai aluminum hits 4-yr low, coronavirus clouds demand outlook - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
The world will see its 1 millionth case of covid-19 sometime today.
On Tuesday, the United States suffered more deaths than Italy
for the first time. At 4,000 on Tuesday, and over 5,000 yesterday, the US now ranks third in
total deaths, behind Italy and Spain.
Yesterday afternoon - of 930,819 total worldwide cases, 74% are still
listed as sick, with 5% of them critical. Of the 26% no longer listed
as active (240,552), 81% of the number are listed as recovered, with
the other 19% listed as deceased. The recovery rate has fallen from 94%
the first week of March, to 81% yesterday.
Florida governor joins the majority of the country with a state wide
stay at home order. 15 states still have not. Who will be the last
governor to wake up?
Chinese county goes into coronavirus lockdown as country tries to get back to work amid fear of second wave - more
Yesterday's market review - Aluminium hits four-year low
as global manufacturing shrivels - Industrial metals prices fell
sharply on Wednesday after data showed global factory output shrinking
fast, with expectations of a vast supply surplus pushing aluminum below
$1,500 a tonne for the first time since 2016. - more
Indonesia nickel miners urge end to export ban to cushion coronavirus
impact - Indonesia should allow exports of nickel ore to help offset
the impact of the fall in exports of processed nickel caused by the
coronavirus outbreak, the Indonesian nickel miners’ association (APNI)
said in a document seen by Reuters. - more
Russian Freighter Changes Out Entire Crew After COVID-19 Infection -
Russian metals producer Nornickel announced Tuesday that an engineer
aboard one of its freighters, the Norilskiy Nickel, has tested positive
for COVID-19. - more
Nickel closed Tuesday's trading
session at $5.21/lb ($11,480/tonne). Indicators at 6:15 am CST today show
nickel trading around $.08/lb
lower. Stockpiles of nickel stored in LME licensed warehouses fell on
Tuesday and started the new month just under the 228,800 tonne level.
Nickel, while lower this morning, is trading in the middle of a range
it has been in for some time now. Nearly everything is trading lower
this morning, both equities and commodities, as predictions for
covid-19 fatalities in 'best case scenario's' continue to climb.
Over the weekend, the numbers the White House released were
100-200,000. Last night, that official forecast rose to 100-240,000. We
past the 4,000 level last evening, and the forecasted numbers are
staggering. The President warned that the next two weeks would be
very painful for the country, and we suspect the pain will last much
longer than that. The US will cross the 200,000 active case threshold
today, and likely reach a quarter million by Friday. In other words,
the elephant in the room is not being quiet. We want to take the
opportunity to thank our
March sponsor Texas Pipe again, for their multi-month sponsorship. For
April, we introduce Scott Stainless Steel. We thank them for making
this
site free for visitors during the month of April, and invite you to
visit their web site. Lot of industry news today so we leave you with
it. May April bring the world a healthier outcome than March did.
Average price of LME traded cash nickel
so far this month
- $5.39/lb
LME nickel chart - here / Euro/US Dollar chart - here
Reports
Reuters metals morning - Copper falls as fast-spreading coronavirus threatens demand - more
Coronavirus By The Numbers - here
Coronavirus by John Hopkins - here
States with/without stay at home orders - more
Coronavirus deniers take aim at hospitals as pandemic grows - more
WHO stands by recommendation to not wear masks if you are not sick or not caring for someone who is sick - more
Model cited by White House says 82,000 people could die from coronavirus by August, even with social distancing - more
Should We All Be Wearing Masks In Public? Health Experts Revisit The Question - more
(This change
is frustrating because it appeared to be quite obvious from the very
beginning that masks were a necessity. The government said no, giving
three reasons - two of which basically implied Americans weren't smart
enough to use them right. In reality, evidence seems to be coming to
light that the country had a limited supply, and still does, and wanted
emergency workers to have priority access. So, while their motive was
honorable, and emergency workers should and must have priority access
to the full range of PPE's, the government appears to have misled the
American public ..... yet again. Anyone surprised?)
March 16 - Governor of Florida refuses to shut down beaches crowded with out of state spring breakers
March 23 - Governor of Florida orders mandatory 14 day self quarantine
for all arriving visitors from New York, New Jersey and Connecticut.
March 31 - Florida still has no statewide stay at home order even
though it is a major retirement state and ranks fifth in number of
cases in the United States - moremap of cases(moved
into 5th place yesterday, bumping Massachusetts - 1 of only 7 states to
grow in new cases by over 1,000 yesterday. Washington, one of the
earlier states to put stay at home orders in place, grew by only 232
cases yesterday. )
Captain of aircraft carrier asks U.S. Navy to evacuate crew amid 'accelerating' COVID-19 outbreak - more
Tuesday's market review - Copper suffers worst quarter
since 2011 as coronavirus crushes demand - Copper prices rose on
Tuesday after data showed an unexpected rebound in factory activity in
China, but were set for their worst quarter since 2011 as the
coronavirus outbreak shut down swathes of the global economy, reducing
the need for metals. - more
South Africa lockdown squeezes global chrome supply - Samancor Chrome,
one of the world’s biggest ferrochrome producers, has declared force
majeure because of South Africa’s 21-day coronavirus lockdown, removing
further supply from global chrome markets. - more
Worker at Russia's Nornickel vessel tested positive for coronavirus -
Russian nickel and palladium producer Norilsk Nickel said on Tuesday
that a mechanic at one of its vessels tested positive for the
coronavirus. - more
Raymond James lowers metals forecasts for 2020 - Raymond James has
updated its metal price forecasts for the year due to the COVID-19
pandemic. - more
China-owned PNG nickel plant output down in 2019 after spill -
Production at Metallurgical Corp of China’s (MCC) Ramu nickel-cobalt
project in Papua New Guinea dropped in 2019 from the prior year due to
a plant shutdown last October, a company spokesman said on Wednesday. -
more
Taiwan’s Tang Eng plans to reduce stainless steel production due to
coronavirus epidemic - The outbreak of coronavirus epidemic gave a
press on demand for stainless steel worldwide, and the demand in market
will remain weak in the short term. - more
Miner South32 files request for arbitration in Colombia royalty dispute
- Mining company South32 has filed a request for arbitration at the
World Bank over a dispute with Colombia concerning royalty payments
from its majority-owned Cerro Matoso ferronickel mine, the company
confirmed on Tuesday. - more
Anglo American seeking to mine on indigenous lands in Brazil’s Amazon -
Anglo American, one of the biggest mining companies in the world, and
its two Brazilian subsidiaries have submitted nearly 300 applications
to dig for gold and other minerals inside indigenous territories in the
Brazilian Amazon, records seen by Mongabay show. - more
Vale donates $100,000 to Sudbury Food Bank - Nickel miner Vale has
donated $100,000 to the Sudbury Food Bank to help address community
demand, which is expected to increase as the COVID-19 pandemic
continues. - more
FMA economist: Turning the coronavirus corner in four to five weeks -
Social distancing will continue to diminish spread of COVID-19 and help
revive U.S. economy - more
EU Covid-19 response: hope for support of European metal industry and
other businesses - While the coronavirus rages on its destructive path
across the world, the European metals industry is bracing for a major
disruption and painful losses throughout the year. - more
Home office: how the metal industry can leverage digitalisation now -
The metal industry ´home office worker´ has become a normal feature in
a once so traditional industry. - more
Virus Slump Expected to Rival Historically Big Recessions - Analysts
found that many downturns are set to be deeper than those endured in
the aftermath of the global financial crisis of 2008. - more
Courtesy AISI - In the week ending on March 28, 2020, domestic raw
steel production was 1,670,000 net tons while the capability
utilization rate was 71.6 percent. Production was 1,913,000 net tons in
the week ending March 28, 2019 while the capability utilization then
was 82.2 percent. The current week production represents a 12.7 percent
decrease from the same period in the previous year. Production for the
week ending March 28, 2020 is down 9.8 percent from the previous week
ending March 21, 2020 when production was 1,852,000 net tons and the
rate of capability utilization was 79.4 percent. - more
(all
ton listings are metric tons = 2204.622 pounds ) Updated Monday thru
Thursday before 7 am CST, Friday version before 8 am CST - DisclaimerOriginal content and opinions copyright
www.estainlesssteel.com. All prices shown on
this page are indications only. Please note - for real time and
official LME
prices, LME requires a user subscribe to an authorized LME vendor.
Daily Nickel/Stainless Steel Briefing 
($12,320/tonne). Indicators at 6:15 am CST today show
nickel trading around $.03/lb 
Reports
Why Stainless Steel 
Wednesday's market review - Copper hits 6-week peak on
stronger demand prospects - Copper prices climbed to a six-week high on
Wednesday as the prospect of stronger demand in top consumer China and
output disruptions outweighed expectations of rising supplies from
producers emerging from new coronavirus lockdowns. - 
Taiwan’s Tang Eng raises stainless steel export prices for May - Tang
Eng Iron Works Co., one of the leading stainless steelmakers in Taiwan,
announced its stainless steel price for May yesterday. - 
China’s stainless steel exports increase almost 25% y-o-y this Mar -
According to the official statistic from the Chinese government, the
total exports of stainless steel from China this March were around
368,000 tons, increased by almost 25% year on year. - 
Glencore slashes spending and output guidance, says can ride out
coronavirus - Glencore cut its 2020 capital expenditure and output
targets on Thursday to reflect the impact of the coronavirus on its
operations, saying the belt-tightening left it well placed to weather
the pandemic. - 
Brazil's Vale receives non-binding offers for New Caledonia assets -
Brazilian iron ore miner Vale SA has received non-binding offers for
its nickel mining operations on the Pacific island of New Caledonia, an
executive said in a call with analysts on Wednesday. - 
Scrap Report A Priceless Commodity - The scrap metal industry is
unpredictable, but with innovation and persistence, businesses can
persevere. - 
($12,350/tonne). Indicators at 6:15 am CST today show
nickel trading around $.04/lb 
World's mine workers resist quick restart amid coronavirus - As mining
heavyweights South Africa and Peru move to lift coronavirus lockdowns,
workers in deep mines are resisting going back to work without adequate
protective gear and information about cases at sites, with one major
union filing legal action against restart plans. - 
Nickel and Nickel Products Export from Russia in 2019 - According to
SeaNews Russian Foreign Trade Customs Statistics online service,
exports of nickel and its products from Russia in 2019 amounted to
272.2 thousand tons (+10% year-on-year) worth $2.9 bn (+12.2%). - 
($12,240/tonne). Indicators at 6:10 am CST today show
nickel trading around $.05/lb 
Philippine nickel miners to restart coronavirus-shuttered sites - The
Philippines’ top two nickel miners said on Tuesday they expect to
gradually resume mining and shipping operations in the country’s main
ore-producing region starting on May 1, following shutdowns to prevent
the spread of the coronavirus. - 
Courtesy AISI - In the week ending on April 25, 2020, domestic raw
steel production was 1,250,000 net tons while the capability
utilization rate was 55.8 percent. Production was 1,892,000 net tons in
the week ending April 25, 2019 while the capability utilization then
was 81.3 percent. The current week production represents a 33.9 percent
decrease from the same period in the previous year. Production for the
week ending April 25, 2020 is down 2.1 percent from the previous week
ending April 18, 2020 when production was 1,277,000 net tons and the
rate of capability utilization was 57.0 percent. - 
South Korea's POSCO cuts 2020 steel output, sales targets by 7% on
COVID-19 impact - South Korea's steelmaking giant POSCO said Friday it
has lowered its production and sales forecasts for 2020 by 7% as the
COVID-19 pandemic continues to ravage demand. - 
Cobalt price, nickel usage limit damage to EV Metal Index - 2020 was
supposed to be the breakout year for electric vehicles around the
globe. - 
Taiwan's stainless steel exports to Italy plummets in Q1-Q3 - Italy,
which has ranked first of Taiwan's stainless steel exporter for three
consecutive years, reduced its import volume by more than half year on
year in the first quarter. - 
World Bank slashes outlook for oil, metals as coronavirus crushes
demand - The World Bank slashed its outlook for oil and metals prices
on Thursday due to the economic fallout of the coronavirus pandemic and
said the commodity market shock could hit developing countries
hardest. - 
Merafe Resources - Shareholders of the Company are advised that the
European benchmark ferrochrome price has been settled at 114 US cents
per pound for the second quarter of 2020, an increase of 12.9% from the
101 US cents per pound price in the first quarter of 2020. - 
Indonesia issues rules putting floor price on nickel ore - Indonesia’s
Energy and Mineral Resources Ministry has revised regulations on the
pricing of minerals, including putting a floor price on nickel ore,
Bambang Gatot Ariyono, director general of coal and minerals, said on
Thursday. - 
March 2020 crude steel production - World crude steel production for
the 64 countries reporting to the World Steel Association (worldsteel)
was 147.1 million tonnes (Mt) in March 2020, a 6.0% decrease compared
to March 2019. - 
Nunavik’s Raglan mine reopens despite outrage from Makivik Corp. -
Nunavik’s Raglan nickel mine is reopening, following its closure on
March 24 due to Quebec’s COVID-19 business shutdowns. - 
The muddied waters of mining in Papua New Guinea - Just north of
Australia, the island split into Papua and Papua New Guinea is famously
underexplored, though over the years inroads have been made and
tantalising glimmers of hidden mineral wealth have been quickly
followed by some of the world’s biggest miners. - 
Brazil's Vale slashes 2020 production forecast for iron, copper, nickel
- Brazilian miner Vale SA on Friday cut its forecast for production of
iron ore fines and pellets, copper and nickel in 2020, saying in a
securities filing that the new coronavirus outbreak was delaying some
facilities from reopening. - 
Steel demand to shrink 7.7% this year: Indian Steel Association - "We
estimate finished steel demand in India to fall in calendar year 2020
to around 93.7 million tonne from an estimated actual of 101.5 million
tonne in 2019, a decline of 7.7% or roughly by about 8 million tonne
this calendar year," ISA said. - 
Outokumpu appoints Heikki Malinen as President and CEO - Outokumpu’s
Board of Directors has appointed Heikki Malinen as President and CEO of
Outokumpu and the Chairman of the Leadership Team. - 
Secret agent' couple charged over Department of Mines tender corruption
scandal - A WA public servant and her partner have been charged with
corruption and disclosing government secrets following allegations the
pair rigged a tender process to win contracts. - 
Miner South32 files request for arbitration in Colombia royalty dispute
- Mining company South32 has filed a request for arbitration at the
World Bank over a dispute with Colombia concerning royalty payments
from its majority-owned Cerro Matoso ferronickel mine, the company
confirmed on Tuesday. - 
